1.05540 is the support level which needs to push up in order for the market to continue moving up towards the resistance level. Market has already formed a higher high and higher low and has the potential to continue moving up. We will wait for the market to tap the broken resistance turn support.

Although the ascending trendline has broken out for sells, it has yet to break the bullish structure, turning into a bearish one. Once that is sorted, only then we can look around for a sell. Till then, we are sticking to our plan for the buys. We also see a descending trendline which has induced the breakout buy.

Retracement level of 61.8% has slightly been breached but breached towards a support level just below. Market needs to break this support in order to continue the bearish trend.

The EMA 50 is bearish now and the market if pushed up from the support level, can tap the EMA 50 as the retest of the profit target.

RSI is at 47. It needs to drop down once more towards the over sold region in order for the market to align with other technical factors for the market move up.

Incoming buys for EURUSD

Jan 05 2023

Stop Loss -0.40%

Holding time 1hr

1.05743

Entry price

1.05321

Stop loss price