Tue, Jan 31, 2023 @ 16:52 GMT
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EURUSD Analysis: Breaks From Rising Wedge

After surging in a minor rising wedge pattern, the rate made a breakout near the monthly PP 1.1875. The turnaround was additionally supported by decreasing number of unemployment claims and release of better than expected US Core PPI. Despite this favourable fundamental background the pair failed to break below the 1.1830 mark due to support set up by the 55-hour SMA. Moreover, an area near the 1.1810 level is additionally secured by the weekly R1 and the 100-hour SMA. From this perspective, the pair is not expected to slip to the bottom in the first half of the day. There are similar expectations for the northern side, which is obstructed by the above monthly PP. Therefore, further direction of the rate will heavily depend on release of information on the US inflation and retail sales.

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