23.01.202315:45 Forex Analysis & Reviews: EUR/USD outlook for January 23, 2023

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During today's Asian trading session the EUR/USD pair continued to rise, reaching a new local and 9-month high at 1.0926. As of writing, the pair has declined to 1.0892, but its bullish trend remains in force.

Market participants and euro buyers remain optimistic about the expectations of another ECB interest rate hike and against the background of verbal interventions by its representatives. So, speaking at the World Economic Forum in Davos last week, ECB President Christine Lagarde said that "inflation expectations are not weakening" and "the ECB will continue to raise rates." In her opinion, "inflation is too high," and "the ECB intends to reduce it to 2% in a timely manner."

EUR/USD remains in the medium-term bull market zone, above the key support levels 1.0475 (200 EMA on the daily chart), 1.0570 (50 EMA on the weekly chart).

The breakout of today's local and new 9-month high at 1.0926 will be a signal to build up long positions on EUR/USD. And the pair will head towards the key resistance levels 1.1010 (144 EMA on the weekly chart), 1.1130 (200 EMA on the weekly chart), separating the long-term bullish trend of the pair from the bearish one.

Alternatively, under the last week closing price of 1.0855, EUR/USD will continue sliding towards the important short term support at 1.0805 (200 EMA on the 1H chart) and the local support at 1.0768, a breakdown of which will be the first serious signal to start the downside game for EUR/USD. Support levels 1.0651 (200 EMA on the 4H chart), 1.0570 and 1.0475 are the targets for this decline. The breakdown of the support at 1.0420 (144 EMA on the daily chart) will increase the risk of EUR/USD sliding back into a global downward trend.

In the meantime, long positions remain preferrable above the support levels 1.0805, 1.0768.

Support levels: 1.0805, 1.0768, 1.0651, 1.0570, 1.0475, 1.0420, 1.0230

Resistance levels: 1.0900, 1.0926, 1.1010, 1.1130

Trading scenarios

Sell Stop 1.0850. Stop-Loss 1.0930. Take-Profit 1.0805, 1.0768, 1.0651, 1.0570, 1.0475, 1.0420, 1.0230

Buy Stop 1.0930. Stop-Loss 1.0850. Take-Profit 1.1000, 1.1130, 1.1200

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