1.0779 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.

The descending trendline has induced the breakout buy and the market has validated the breakout with the evidence of the candles opening and closing above the trendline.

The retracement level of 61.8% is in confluence with the support level.

The EMA 50 is now bullish and might retest at the lower support level on the chart.

RSI is at 57. It needs to be neutralized at the 50 level in order to align with other technical parameters of the chart.

Eurusd bounce from support

Jan 20 2023