Euro/Dollar forecast for today: EURUSD analysis 02.01.2023

EURUSD tested support (A) 1.0823 – 1.0812 yesterday. The short-term uptrend continues today. The upside target is the high of January 26. After the high is broken through, the next upside target will be Target Zone 1.0985 – 1.0964.

It is relevant to hold up purchases entered at support (A). A part of the long position could be closed, and the rest should be moved to the breakeven. 

If the price starts lowering and breaks through yesterday’s low, the EURUSD should reach support (B) 1.0770 – 1.0754. After the support is tested, one could consider entering new longs according to the pattern, as support (B) is the trend border. 

EURUSD trading ideas for today:

  1. Hold up a part of the long trades entered at support (А) 1.0823 – 1.0812.
    TakeProfit: 1.0927.
    StopLoss: at breakeven.
  2. Buy according to the pattern at support (В) 1.0770 – 1.0754.
    TakeProfit: 1.0927.
    StopLoss: according to the pattern rules.

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