EUR/USD
Despite that current price is above the multi-month uptrend line (September 2022 low - January 2023 high), current price remains vulnerable to the key support at 1.0525, the fact that price did pierce below the 1.0525 level yesterday does raise the risk that there could be another attempt for price to test the 1.0525 support. A clean break below the key support could trigger a further downside push towards 1.0440.
Bearing in mind that 1.0440 does intersect at 2 technical levels (see chart) which could build the case that 1.0440 has potential to become established as the next key support level provided the 1.0525 support fails to hold.
(a) The December 5th 2022 low at 1.0440 intersects on the prevailing upward trend line (see chart)
(b) The 26 week moving average also intersects at 1.0440 (see chart)
Conclusion: Provided price can hold above the multi-month trend line the prospects for the prevailing long term uptrend to continue remains.
Despite that current price is above the multi-month uptrend line (September 2022 low - January 2023 high), current price remains vulnerable to the key support at 1.0525, the fact that price did pierce below the 1.0525 level yesterday does raise the risk that there could be another attempt for price to test the 1.0525 support. A clean break below the key support could trigger a further downside push towards 1.0440.
Bearing in mind that 1.0440 does intersect at 2 technical levels (see chart) which could build the case that 1.0440 has potential to become established as the next key support level provided the 1.0525 support fails to hold.
(a) The December 5th 2022 low at 1.0440 intersects on the prevailing upward trend line (see chart)
(b) The 26 week moving average also intersects at 1.0440 (see chart)
Conclusion: Provided price can hold above the multi-month trend line the prospects for the prevailing long term uptrend to continue remains.