For Traders

Analytical Reviews

Technical analysis

22.01.202406:13 Forex Analysis & Reviews: Forecast for EUR/USD on January 22, 2024

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

EUR/USD

The markets reaffirmed their commitment to risk-taking on Friday, with the S&P 500 setting a new all-time high, a level not seen since January 2022. The US dollar index fell by 0.24%, while the euro gained a modest 22 pips. However, we do not expect a prolonged interest in risk, primarily due to geopolitical tensions in the Middle East and Taiwan. A market downturn could occur suddenly and significantly at that.

At the moment, the euro is trying to break through the resistance at 1.0905 and along with it the balance indicator line, which would make it possible for the price to reach the target levels of 1.1033 and 1.1076 (the high from April 14, 2023). The Marlin oscillator has gained strength on the daily timeframe, moving towards the border of the uptrend territory.

On the 4-hour chart, the Marlin oscillator has moved into the bullish territory. The only thing left to do is for the price to settle above 1.0905, which would also be a move above the MACD indicator line, and then the price could continue to rise.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.