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EURUSD Wave Analysis – 12 January, 2023

The FxPro Tech Analysis Team
EURUSD Wave Analysis – 12 January, 2023

Euro notes in denominations of fives and tens are arranged for a photograph in London, U.K., on Wednesday, Jan. 18, 2012. The euro strengthened and commodities rallied as an official at a Group of 20 nation said the International Monetary Fund is proposing a $1 trillion expansion of its lending resources. U.S. index futures rose before Goldman Sachs Group Inc. reports earnings. Photographer: Simon Dawson/Bloomberg via Getty Images

• 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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