(function() { var didInit = false; function initMunchkin() { if(didInit === false) { didInit = true; Munchkin.init('105-GAR-921'); } } var s = document.createElement('script'); s.type = 'text/javascript'; s.defer = true; s.src = '//munchkin.marketo.net/munchkin.js'; s.onreadystatechange = function() { if (this.readyState == 'complete' || this.readyState == 'loaded') { initMunchkin(); } }; s.onload = initMunchkin; document.getElementsByTagName('head')[0].appendChild(s); })();(function(h,o,t,j,a,r){ h.hj=h.hj||function(){(h.hj.q=h.hj.q||[]).push(arguments)}; h._hjSettings={hjid:1422437,hjsv:6}; a=o.getElementsByTagName('head')[0]; r=o.createElement('script');r.defer=1; r.src=t+h._hjSettings.hjid+j+h._hjSettings.hjsv; a.appendChild(r); })(window,document,'https://static.hotjar.com/c/hotjar-','.js?sv=');

Aayush Jindal

Key Highlights

  • EUR/USD started a fresh increase above the 1.0800 resistance.
  • A connecting bullish trend line is forming with support near 1.0820 on the 4-hours chart.
  • GBP/USD started a fresh increase above the 1.2250 resistance zone.
  • USD/JPY extended its decline below the 129.50 support zone.

EUR/USD Technical Analysis

The Euro started a fresh increase above the 1.0750 resistance zone against the US Dollar. EUR/USD broke the 1.0800 resistance to move into a positive zone.

Looking at the 4-hours chart, the pair settled above the 1.0800 zone, the 100 simple moving average (red, 4-hours) and the 200 simple moving average (green, 4-hours).

The pair gained pace above the 1.0820 resistance zone. The pair is now showing a lot of positive signs and trading above 1.0850. On the upside, an initial resistance is near the 1.0880 level. The next major resistance may perhaps be near 1.0920.

A clear move above the 1.0920 resistance might start a steady increase. In the stated case, EUR/USD could even surpass the 1.0980 zone. The next key hurdle is near 1.1000, above which the pair could climb towards the 1.1120 resistance zone.

On the downside, there is a major support at 1.0820. The next major support is near the 1.0780 level. A downside break below the 1.0780 zone might push the pair lower.

The next major support sits near the 1.0720 level. Any more losses might open the doors for a move towards the 1.0650 support zone.

Looking at GBP/USD, the pair is gaining pace above the 1.2250 resistance and might continue to rise in the near term.

Economic Releases

  • German Wholesale Price Index for Dec 2022 (MoM) – Forecast -1.4%, versus -0.9% previous.