EUR/USD Daily Forex Analysis
Our Daily Forex Analysis observes that the intraday perspective for the EUR/USD pair retains a slight downward bias. The descent from 1.1105 is viewed as the third sequence of the correction pattern from 1.1098. A sustained breach of the 55 D EMA, now at 1.0842, would aim for the support level of 1.0638 and possibly further down. However, should a rebound occur at the present level, followed by the breach of 1.1015, the focus would shift towards a test of the high at 1.1098.
Looking at the broader scope in our Daily Analysis, as long as the support at 1.0519 persists, the climb from the 2022 low of 0.9538 could still continue to rise. A solid break of the 61.8% retracement of the decline from the 2021 high of 1.2352 to 0.9538, currently at 1.1277, would strengthen the case for a bullish trend reversal, next targeting the 2021 high of 1.2352.
EUR/USD Daily Analysis Summary
In summary, the intraday outlook for EUR/USD indicates a slight downward bias. However, a potential rebound and breach of 1.1015 could alter the direction toward testing the high at 1.1098.
Key points
- The intraday outlook for EUR/USD shows a slight downward bias, with potential further descent if 1.0842 (55 D EMA) is broken.
- A rebound and break of 1.1015 could lead to a test of 1.1098 high.
- On the broader scale, a continued rise from 0.9538 (2022 low) is expected, with a potential bullish trend reversal if 1.1277 is breached.
