empty
23.01.2023 07:44 AM
Trading plan for EURUSD on January 23, 2023

This image is no longer relevant

Technical outlook:

EURUSD rose through 1.0903 in the early Asian session on Monday. The single currency pair is seen to be trading close to 1.0895 at this point in writing as the bears prepare to take control back. Prices have reached the resistance zone as marked on the daily chart here and could turn lower from here. The upside remains limited going forward.

EURUSD is close to terminating its larger-degree corrective wave, which began from 0.9535 back in September 2022. The bulls have managed to remain in control for the past several weeks taking out major resistance at 1.0786 over the last week. They will likely take a break as the bears prepare to drag lower towards 1.0380 and down to 1.0050 going forward.

EURUSD has also been accompanied by bearish divergence on the RSI on several different timeframes (hourly, 4H and Daily). This could also be a potential turning point and trend reversal. A break below 1.0481, which is immediate price support, will confirm a meaningful top in place above 1.0900. The instrument is looking lower from here soon.

Trading idea:

Potential bearish reversal against 1.0950-70.

Good luck!

Oscar Ton,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

GBP/USD: Trading Plan for the U.S. Session on May 30th (Morning Review)

In my morning forecast, I focused on the 1.3456 level and planned to make market entry decisions from there. Let's look at the 5-minute chart and see what happened

Miroslaw Bawulski 13:30 2025-05-30 UTC+2

EUR/USD: Trading Plan for the U.S. Session on May 30th (Morning Review)

In my morning forecast, I focused on the 1.1336 level and planned to make market entry decisions from there. Let's look at the 5-minute chart and see what happened

Miroslaw Bawulski 13:27 2025-05-30 UTC+2

How to Trade the GBP/USD Pair on May 30? Simple Tips and Trade Analysis for Beginners

Analysis of Thursday's Trades 1H Chart of GBP/USD On Thursday, the GBP/USD pair showed movements similar to the EUR/USD pair but with lower volatility. The ascending trendline was breached

Paolo Greco 06:37 2025-05-30 UTC+2

How to Trade the EUR/USD Pair on May 30? Simple Tips and Trade Analysis for Beginners

Analysis of Thursday's Trades 1H Chart of EUR/USD The EUR/USD currency pair started Thursday with a sharp collapse but spent the rest of the day trading with strong growth. Explaining

Paolo Greco 06:37 2025-05-30 UTC+2

Trading Recommendations and Analysis for GBP/USD on May 30: The British Pound is as Calm as an Elephant

The GBP/USD currency pair showed lower volatility on Thursday than the EUR/USD pair, which is quite surprising. At the same time, the British pound recovered without much difficulty

Paolo Greco 03:51 2025-05-30 UTC+2

Trading Recommendations and Analysis for EUR/USD on May 30: The Market Fooled Everyone

The EUR/USD currency pair plunged sharply overnight on Thursday but posted a threefold stronger rally throughout the day. The overnight movement was triggered by a single event: the U.S. Court

Paolo Greco 03:51 2025-05-30 UTC+2

GBP/USD: Trading Plan for the U.S. Session on May 29th (Morning Trade Review)

In my morning forecast, I focused on the 1.3429 level and planned to base market entry decisions on it. Let's look at the 5-minute chart and analyze what happened

Miroslaw Bawulski 19:55 2025-05-29 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.