FX.co - EUR/USD analysis for January 06, 2023 - Rejection of the support zone

2023-01-06T06:48:46

Relevance until2023-01-07

Technical analysis:

EUR/USD analysis for January 06, 2023 - Rejection of the support zone

EUR/USD has been trading sideways overnight and I see potential for the upside rotation due to the test of the support zone at 1.0515.

Trading recommendation:

Due to the test and reject of the support zone at 1.0515, I see potential for the rally towards upper references.

Watch for the potential buying opportunities with the upside objectives at 1.0537 and 1.0590.

Stochastic oscillator is showing oversold condition and fresh bull cross, which is sign for the further rally.

Key support zone is set at 1.0515

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

Analytical expert

Petar Jacimovic

FX.co ★ EUR/USD analysis for January 06, 2023 - Rejection of the support zone