Forex Pairs Support & Resistance

Evaluation of EUR/USD on January 12, 2023 through Indicator Analysis

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Analysis of the trends 

It is plausible that the euro-dollar pair could increase from the 1.0756 closing of the previous day’s candle to 1.0814, which is the top limit of the Bollinger line indicator (black dotted line). Afterwards, a retraction downwards to 1.0699, the 8-period EMA (thin blue line), may be expected.

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A thorough examination:

  • Indicators are rising;
  • Fibonacci levels are increasing;
  • Trading volumes have increased;
  • Candlestick patterns have improved;
  • Trends are positive;
  • Bollinger bands are widening;
  • The weekly chart looks bullish.

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The overall result is that:

Yesterday’s closing price was at 1.0756, and today the cost might rise up to 1.0814, which is the upper limit of the Bollinger line indicator (black dotted line). After that, it is probable that a drop back to 1.0699 occurs, the 8-period EMA (thin blue line).

The cost could increase from the 1.0756 (yesterday’s end of day closing) to the upper fractal at 1.0773 (yellow dotted line). Afterward, it is conceivable that a reversal to the 1.0658 support level (thick red line) may take place.

Andrew Johnson is a seasoned journalist with a keen interest in the commodity market. He is a regular contributor to, where he covers the latest news, trends, and analysis related to the commodity industry. With years of experience under his belt, Andrew has established himself as a reliable source of information on the global commodity market.