ACT Markets > Blog > Forex > Technical Analysis > EUR/USD Keeps Gaining Massively Close To 1.0900 Level, Gold And Silver Holds Strong

EUR/USD Keeps Gaining Massively Close To 1.0900 Level, Gold And Silver Holds Strong

January 23, 2023 Financial Market, Technical Analysis

Key Take-Aways

  • Above the 1.0850 resistance, the EUR/USD began a new uptrend.
  • On the 4-hours chart, a significant rising channel is developing with resistance close to 1.0900.
  • GBP/USD is aiming for an important upward break of the 1.2450 resistance.
  • In January 2022, the Euro Zone Consumer Confidence could drop from -22.2 to -22.5.

Technical Analysis of EUR/USD

Above the resistance level of 1.0750 against the US Dollar, the Euro entered a significant rise. In order to enter a positive zone, EUR/USD even broke beyond the 1.0800 bbarrier.

The pair has successfully consolidated above the 1.0820 level, the 100 simple moving average (4-hour red) and the 200 simple moving average, according to the 4-hour chart.

Even after breaking through the 1.0850 resistance, the duo tested the 1.0900 region. An early resistance on the upward is located close to the 1.0900 level. On the same chart, a significant rising channel with resistance close to 1.0900 is also developing.

Near 1.0950 may serve as the next significant obstacle. The 1.1000 resistance zone may be approached after a clean rise above the 1.0950 barrier.

Any further gains might pave the way for a move in the direction of 1.1200. The next significant obstacle is close to 1.1250; if it is cleared, the pair may rise toward the 1.1400 resistance area.

At 1.0850, there is a strong support for the downside. The area around 1.0820 is the next significant support. The pair may move lower if the downside breaks through the 1.0820 zone.

Near the 1.0750 level, there is the next significant support. Any additional losses might pave the way for a move in the direction of the 1.0650 support region.

On the upside, the GBP/USD pair is aiming to break through the 1.2450 and 1.2500 resistance levels.

Economic News To Trade Today

  • Consumer confidence in the Euro Zone for January 2022 is forecast to be 22.5, down from the previous reading of 22.2.
Author:
Amogo Solomon is a Broker-Dealer/Market Research analyst and writer in ACT Brokers with a background in Computer Science, Data Analytics, and Forex Broker Dealing. He specializes in Forex Dealing, markets Analysis, Currency research, forex fundamental and technical analysis, and Monitoring of Forex trends, Stocks, Equities, Cryptos, and Commodities. He possesses strong technical and analytical skills and is well known for his entertaining and informative analysis of the global economy, fiat currency, commodities, Stocks, Indexes, Futures, and Options markets. He held a Bachelor's degree in Computer Science and Nanodegree in Programming for Data Science Enterprise.

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