11.01.202308:10 Forex Analysis & Reviews: Trading plan for EURUSD for January 11, 2023

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Technical outlook:

EURUSD is pushing through 1.0750 again as the Asian session is progressing on Wednesday. The single currency pair is seen to be trading close to 1.0750 at this point in writing, after registering an intraday high around 1.0755. Please note that the 1.0750-1.0800 zone remains strong resistance as marked on the daily chart. We expect a bearish reaction here.

EURUSD has been traded sideways in the past two trading sessions between 1.0710 and 1.0750 levels, which is clear on the hourly chart. The current push higher could be seen as the final thrust before the bears could be back in control. The corrective drop is expected to drag prices lower at least to 1.0350-60, which is a potential support and the Fibonacci 0.382 retracement of the rally between 0.9535 and 1.0760.

EURUSD is facing immediate resistance close to 1.0800, while support is seen at 1.0481 on the daily chart. A break below 1.0481 will confirm that the bears are back in control and a meaningful top is in place. Also, note that potential remains for a drag through 1.0130, which is the Fibonacci 0.618 retracement of the above rally. Trendline support from the 0.9535 low is further viewed around 1.0130 as a potential bullish turn.

Trading idea:

The potential bearish move against 1.0900

Good luck!

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