EUR/USD bulls remain in the ascendancy due to a combination of technical and fundamental factors.
There is a good chance spot will finish January in positive territory, something it usually fails to do.
EUR/USD registered a December close well above the major 1.0606 Fibo, 38.2% retrace of 1.2349 to 0.9528 (2021 to 2022) EBS drop, increasing the underlying bullish technical outlook.
The scope is growing for an eventual test of the 1.0939 Fibo, a 50% retrace of the same 1.2349 to 0.9528 (EBS) fall.
A falling U.S. dollar has helped to put upward pressure on EUR/USD.
The , as investors took heart that the Federal Reserve may be nearing the end of its rate-hike cycle and as China's reopening drove demand for riskier assets.
EUR/USD has fallen in January for 15 of the past 23 years, including in each January since 2019.
Therefore those that are bullish EUR/USD will hope it bucks its typical seasonal trend this month.
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