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EURUSD Market Analysts

1/24/2023 10:49 AM

Against the positive market expectations regarding today's publication of business activity indices in the leading EU economies for January, the EUR/USD pair continues its local upward dynamics around 1.0874.

According to analysts' forecasts, Manufacturing PMI in France may rise to 49.6 points from 49.2 points earlier, and Service PMI – up to 49.8 points from 49.5 points. Manufacturing PMI in Germany may grow to 47.9 points from 47.1 points in December and Service PMI – to 49.6 points from 49.2 points earlier. EU Manufacturing PMI is expected to rise to 48.5 points from 47.8, and Service PMI may exceed 50.0 points for the first time since September 2022, amounting to 50.2 points.

The corresponding data will be published today in the US, but analysts' pessimistic forecasts do not allow the US dollar to show growth, keeping its quotes around 101.700 in the USD Index. Experts expect that Manufacturing PMI will drop to 46.0 points from 46.2 points earlier. However, Service PMI may improve slightly, amounting to 45.0 points, which is higher than 44.7 points in December.


On the daily chart, the trading instrument is correcting in the direction of the resistance line of the ascending corridor.

Technical indicators hold a global buy signal: fast EMAs on the Alligator indicator are above the signal line, and the AO oscillator histogram forms upward bars, rising in the buying zone.

Resistance levels: 1.0931, 1.1160. | Support levels: 1.0785, 1.0519.

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