Forex Analysis & Reviews: Forecast for EUR/USD on January 22, 2024

EUR/USD
The markets reaffirmed their commitment to risk-taking on Friday, with the S&P 500 setting a new all-time high, a level not seen since January 2022. The US dollar index fell by 0.24%, while the euro gained a modest 22 pips. However, we do not expect risk appetite to persist, primarily due to geopolitical tensions in the Middle East and Taiwan. A market downturn could occur suddenly and significantly at that.

At the moment, the euro is trying to break through the resistance at 1.0905 and along with it the balance indicator line, which would open the way for the price to reach the target levels of 1.1033 and 1.1076 (the high from April 14, 2023). The Marlin oscillator has gained strength on the daily timeframe, moving towards the border of the uptrend territory.

On the 4-hour chart, the Marlin oscillator has moved into the bullish territory. The only thing left to do is for the price to settle above 1.0905, which would also be a move above the MACD indicator line, and then the price could continue to rise.

Analysis are provided by InstaForex

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