EURUSD might go up

21 Jan 2023

From a fundamental perspective, there are several reasons to believe that the EURUSD will experience an upward trend in the coming months. Firstly, inflation in the United States has reached a peak and it is unlikely that the Federal Reserve will continue to raise interest rates at the same pace as in the past. Secondly, inflation in the Eurozone remains high, and the European Central Bank is likely to increase interest rates in the upcoming meetings.

Additionally, the technical analysis of the EURUSD also supports the idea of an upward trend. The chart has broken out of a downtrend and an upward trend has been established and tested multiple times. Additionally, the price has broken through a significant resistance level, which is a positive indication for further upward movement.

However, it is important to note that the upward trend is not yet confirmed, and it is essential to wait for the price to break and retest the resistance level in the orange box before entering any trades.

In conclusion, based on both fundamental and technical analysis, there are strong indications that the EURUSD will experience an upward trend in the near future. However, as with any investment, it is important to exercise caution and thoroughly analyze the market before making any decisions.