Detailed FX Market Outlook and Analysis

EUR/USD Daily Analysis 17-JAN-2023

EUR/USD Daily Analysis

Intraday bias in EUR/USD remains neutral for consolidation below the 1.0874 temporary top. Further rally is expected as long as 1.0482 support holds. On the upside, the break of 1.0873 will resume a larger rally from 0.9534 to 61.8% projection of 0.9630 to 1.0733 from 1.0482 at 1.1164 next.

In the bigger picture, current development suggests that the rally from the 0.9534 low (2022 low) is a medium-term up trend rather than a correction. Further rally is in favor of a 61.8% retracement of 1.2348 (2021 high) to 0.9534 at 1.1273 next. This will remain the favored case as long as 1.0482 support holds.

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