EurUsd has started the year badly, with the first trading day of 2023 being a red one, but more importantly, marking the up break from last Friday as a false one. On 3rd January we have a new long red candle that also breaks under a small double top pattern and yesterday's candle, a new drop with the candle engulfing the 4th of January correction. The all, put together, could give us an idea that the 3 months correction is over and the most traded pair is ready to resume its long-term bearish trend.
Short-term traders could focus on the 1.0580 zone resistance and target the 1.04 support and medium-term traders can aim for the 1.02 important one. Negation comes with a new high above 1.07.
Anyway, as I said multiple times in my previous analysis, there si nothing fundamentally that supports higher prices for Eur above 1.08, and this year I expect a new visit under parity if not even a new low.
That weekly resistance zone you shaded is definitely going to be broken. EURUSD is very bullish. The bullish momentum was set when the pair rose to 1.07000. I believe we are just increasing our liquidity
Mihai_Iacob
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@EMkioko, not so sure, but markets are made from different opinions