EUR/USD Daily Forex Analysis
The Daily Forex Analysis for the EUR/USD pair indicates a resurgence in the rally that originated from 1.0638, following a period of minor consolidation. Our Intraday Outlook is tilted towards the upside, with the first goal being to retest the 1.1098 high. A definitive break above this level would confirm the continuation of the overall uptrend that commenced from 0.9538. Conversely, a robust breach of 1.0895 could trigger an extension of the corrective pattern from 1.1098, leading to another dip that may reach 1.0638 and possibly lower.
In our broader Daily Analysis, we maintain an optimistic stance as long as the 1.0519 support remains unbroken. We forecast that the ascension from 0.9538 (the low of 2022) would continue to surge higher. A sustainable break of the 61.8% retracement of the range from 1.2352 (the high of 2021) to 0.9538, at 1.1277, would fortify the argument for a bullish trend reversal. Subsequently, this could aim for the next resistance at 1.2352 (the high of 2021).
EUR/USD Daily Analysis Summary
In summary, the EUR/USD pair exhibits a bullish intraday perspective with a focus on retesting the 1.1098 high. The broader view anticipates a continuation of the rally from 0.9538, provided the 1.0519 support holds firm.
Key Points
- The EUR/USD rally from 1.0638 has resumed, targeting a retest of the 1.1098 high.
- A firm break of 1.0895 could initiate another downward leg, possibly reaching 1.0638.
- A sustainable breach of the 1.1277 level would strengthen the case for a bullish trend reversal, aiming for the 1.2352 resistance next.
