26.01.202315:20 Forex Analysis & Reviews: EUR/USD outlook for January 26, 2023

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EUR/USD continues to develop an upward trend, trading near the 1.0900 mark and steadily rising to the key resistance levels 1.1000 (144 EMA on the weekly chart), 1.1130 (200 EMA on the weekly chart), the breakdown of which will bring the pair into the long-term bull market zone.

During today's Asian trading session, the EUR/USD pair continued to rise, reaching a new local and 9-month high at 1.0929.

As of writing, the pair has declined to 1.0900, but its bullish trend remains in force. Market participants and euro buyers remain optimistic about the expectations of another increase in the ECB interest rate and against the background of verbal interventions by its representatives. 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 1.0490 (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 1.0929 will be a signal to build up long positions on EUR/USD, and the pair, as we noted above, will head towards the key resistance levels 1.1000, 1.1130, separating the long-term bullish trend from the bearish one.

In the alternative scenario, the first signal to resume short positions will be a breakdown of the important short-term support level 1.0848 (200 EMA on the 1-hour chart). The nearest downside targets are support levels 1.0768, 1.0690 (200 EMA on the 4-hour chart and the lower limit of the upward channel on the daily chart).

A breakdown of the 1.0440 support level (144 EMA on the daily chart) will significantly increase the risks of EUR/USD returning to the global downward trend.

In the meantime, long positions remain preferable even above the support levels 1.0848, 1.0800.

Support levels: 1.0900, 1.0848, 1.0800, 1.0768, 1.0690, 1.0610, 1.0570, 1.0490, 1.0440, 1.0230

Resistance levels: 1.0929, 1.1000, 1.1130

Trading scenarios

Sell Stop 1.0885. Stop-Loss 1.0935. Take-Profit 1.0848, 1.0800, 1.0768, 1.0690, 1.0610, 1.0570, 1.0490, 1.0440, 1.0230

Buy Stop 1.0935. Stop-Loss 1.0885. Take-Profit 1.1000, 1.1130, 1.1620

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