EUR/USD Update and Intraday Analysis
Our daily analysis reveals that the intraday bias for EUR/USD remains tilted towards the downside, with no significant changes in the outlook. As a result of a corrective action to the full upward trend originating from 0.9538, the current downward trajectory aims at the 1.0519 cluster support, which is the 38.2% retracement from 0.9538 to 1.1098, landing at 1.0502.
However, the game may change if the pair breaches the minor resistance of 1.0852. This move could neutralize the intraday bias, thus creating an essential point in our daily update.
Broadening our perspective in this daily analysis, as long as the support level of 1.0519 remains unbroken, we can still anticipate an extension of the upward trend starting from 0.9538, which was the low point in 2022. A continuous break beyond the 61.8% retracement of 1.2352 (the high point in 2021) to 0.9538, currently at 1.1277, will confirm a bullish trend reversal. In this scenario, the daily update would predict the next target to be the 1.2352 resistance, the high watermark of 2021.
In conclusion, the intraday analysis of EUR/USD underscores the importance of monitoring the minor resistance and the support levels in the EUR/USD market. The daily update and the comprehensive daily analysis highlight possible market movements and the resultant strategies that could help navigate the forex market efficiently.
