empty
16.01.2023 07:27 AM
Trading plan for EURUSD on January 16, 2023

This image is no longer relevant

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!

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 April 4th (Review of Morning Trades)

In my morning forecast, I highlighted the level of 1.2976 and planned to base market entry decisions around it. Let's look at the 5-minute chart to see what happened

Miroslaw Bawulski 19:55 2025-04-04 UTC+2

EUR/USD: Trading Plan for the U.S. Session on April 4th (Review of Morning Trades)

In my morning forecast, I highlighted the 1.0994 level and planned to base my market entry decisions on it. Let's look at the 5-minute chart and break down what happened

Miroslaw Bawulski 19:52 2025-04-04 UTC+2

How to Trade the GBP/USD Pair on April 4? Simple Tips and Trade Analysis for Beginners

Analysis of Thursday's Trades 1H Chart of GBP/USD The GBP/USD pair also showed a strong upward movement on Thursday. Everything discussed in the EUR-related articles applies equally to the British

Paolo Greco 07:29 2025-04-04 UTC+2

How to Trade the EUR/USD Pair on April 4? Simple Tips and Trade Analysis for Beginners

Analysis of Thursday's Trades 1H Chart of EUR/USD The EUR/USD currency pair posted a strong upward move on Thursday. There was only one reason for this situation: Donald Trump. This

Paolo Greco 07:29 2025-04-04 UTC+2

Trading Recommendations and Analysis for GBP/USD on 4: Can Powell Fix the Situation?

The GBP/USD currency pair also showed a strong upward movement on Thursday. Naturally, this was driven by just one factor. Late Wednesday evening, Donald Trump announced introducing new tariffs

Paolo Greco 06:06 2025-04-04 UTC+2

Trading Recommendations and Analysis for EUR/USD on April 4: New Panic in the Market

The EUR/USD currency pair showed strong upward movement on Thursday. Frankly, we've been saying the same thing for the past two months: whenever the pair shows significant growth, it's only

Paolo Greco 06:06 2025-04-04 UTC+2

GBP/USD: Trading Plan for the U.S. Session on April 3rd (Review of Morning Trades)

In my morning forecast, I highlighted the 1.3098 level and planned to base entry decisions on it. Let's take a look at the 5-minute chart to see what happened

Miroslaw Bawulski 18:28 2025-04-03 UTC+2

EUR/USD: Trading Plan for the U.S. Session on April 3rd (Review of Morning Trades)

In my morning forecast, I highlighted the 1.0952 level and planned to make entry decisions from there. Let's look at the 5-minute chart and analyze what happened. A drop followed

Miroslaw Bawulski 18:25 2025-04-03 UTC+2

How to Trade the GBP/USD Pair on April 3? Simple Tips and Trade Analysis for Beginners

Analysis of Wednesday's Trades 1H Chart of GBP/USD On Wednesday, the GBP/USD pair surged by 160 pips and continues its rapid upward movement. Let us reiterate: we did not expect

Paolo Greco 07:26 2025-04-03 UTC+2

How to Trade the EUR/USD Pair on April 3? Simple Tips and Trade Analysis for Beginners

Analysis of Wednesday's Trades 1H Chart of EUR/USD The EUR/USD currency pair traded with gains on Wednesday, though this had nothing to do with the macroeconomic backdrop. The U.S. dollar

Paolo Greco 07:26 2025-04-03 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.