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27.01.202307:08 Forex Analysis & Reviews: Trading plan for EURUSD on January 27, 2023

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Technical outlook:

EURUSD rallied through the 1.0929 highs on Thursday before finding resistance and pulling back again. The single currency pair is seen to be trading close to 1.0870 at this point in writing as the bears remain poised to firm their grip further. A drag below 1.0770 will add confidence to the bearish outlook in the near term. Ideally, prices should stay below 1.0929.

EURUSD seems to have terminated its rally, which had begun from the 0.9535 low in September 2022, at the 1.0929 high. If the above scenario is correct and holds well, prices should reverse lower from here and drag towards 1.0400 at least. A bullish reversal from 1.0700 could resume the uptrend though. The instrument is looking lower for the moment.

EURUSD remains well supported at 1.0481, while resistance is strong around 1.0929 as seen on the daily chart. A minimum drag below 1.0481 is now required to confirm a further bearish move. The potential targets remain towards 1.0400 and down to 1.0050 levels respectively. A high probability remains for a bullish turn from 1.0050 levels since it is the Fibonacci 0.618 retracement of the entire rally.

Trading idea:

Potential bearish drop against 1.1000

Good luck!

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