Bullish outlook on EURUSD: 3 February 2023

3 feb 2023

Prices have tested a key support zone at 1.0780 on the D1 timeframe. A throwback to this level, which is in line with the 61.8% Fibonacci retracement, could present an opportunity to ride the bounce to the resistance zone at 1.1150. A break above this level would be an upside confirmation, which could provide the bullish acceleration to the next resistance zone at 1.1450. Prices are lying above the Ichimoku Cloud as well, supporting our bullish bias.