Technical analysis

EURUSD Wave Analysis – 12 January, 2023

EURUSD Wave Analysis – 12 January, 2023

• EURUSD broke resistance level 1.0735

• Likely to rise resistance level 1.1000

EURUSD recently broke above the key resistance level 1.0735 (which have been reversing the price from the middle of 2021) intersecting with the 61.8% Fibonacci correction of the previous weekly downward impulse from January.

The breakout of the resistance level 1.0735 continues the active weekly upward ABC correction (2).

Given the strongly bearish USD sentiment, EURUSD can be expected to rise further toward the next resistance level 1.1000.

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