16.01.202307:27 Forex Analysis & Reviews: Trading plan for EURUSD on January 16, 2023

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Technical outlook:

EURUSD pushed marginally higher through the 1.0874 high during the early hours of trade on Monday. The single currency pair has eased off thereafter and is seen to be trading close to 1.0855 at this point in writing. Major resistance at 1.0786 was taken out over the last week and the probability remains high for a meaningful pullback to get underway soon.

EURUSD seems to have either completed its rally, which began from the 0.9535 low in September 2022 or is close to completing it. A potential evening star candlestick pattern could appear on the daily chart as seen here. A daily close below 1.0780 will confirm the bearish signal and initiate a meaningful pullback going forward.

EURUSD remains well supported at the 1.0481 low as seen on the daily chart. A break there will further confirm that the bears are back in control and drag lower towards the 1.0350-70 zone at least. Also, note that potential remains for a drop until 1.0050 which is the Fibonacci 0.618 retracement of the entire rally between 0.9535 and 1.0874 respectively.

Trading idea:

Potential drop against 1.0900 to resume soon.

Good luck!

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