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01.02.202318:01 Forex Analysis & Reviews: Technical analysis on EURUSD for February 1st, 2023.

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Exchange Rates 01.02.2023 analysis

Red lines-bullish channel

Blue lines- bearish RSI divergence

EURUSD is trading around 1.0920. Trend remains bullish as price continues making higher highs and higher lows. Price remains inside the upward sloping channel. Recently price tested the lower channel boundary and it was respected. Despite the bearish RSI divergence in the Daily chart, bulls remain in full control of the trend. Yesterday's low is important short-term support. Expecting volatility to increase later today after the FOMC, traders should keep a close eye on this support level. Failure to stay above 1.0828 would be a major reversal signal. Upside potential is at 1.0975-1.10.

Alexandros Yfantis
Analytical expert of InstaForex
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