EUR/USD Daily Forex Analysis
Intraday Analysis: EUR/USD remains within a range below the level of 1.1011, resulting in a neutral intraday bias. There is a mild inclination towards further upward movement, with the 55-day Exponential Moving Average (EMA) at 1.0852 providing support. A break above 1.1011 would resume the upward momentum from the low of 2022 at 1.0634, targeting the resistance level at 1.1094. A decisive break of this resistance would confirm a larger uptrend from the Fibonacci level of 0.9534 to the high of 2022 at 1.1273. Conversely, a firm break below 1.0834 would shift the bias to the downside, targeting the support at 1.0634.
In the bigger picture, as long as the support level at 1.0515 holds, the rise from the low of 2022 at 0.9534 is expected to continue. A sustained break of the 61.8% retracement level of the decline from the high of 2021 at 1.2348 to the low of 2022 at 0.9534, at 1.1273, would strengthen the case for a bullish trend reversal and set the target at the resistance of 1.2348 (2021 high).
EUR/USD Daily Analysis Summary
Our Daily Forex Analysis indicates a neutral intraday bias for EUR/USD as it remains within a range below 1.1011. Further upward movement is slightly favored, with the support of the 55-day EMA. A break above 1.1011 would signal a continuation of the rise from the low of 2022, while a break below 1.0834 would shift the bias to the downside. In the bigger picture, the overall trend remains bullish as long as the support at 1.0515 holds, with a potential target at the resistance of 1.2348.
Key takeaways
- EUR/USD is range-bound below 1.1011, resulting in a neutral intraday bias.
- A break above 1.1011 would resume the rise toward the 1.1094 resistance.
- A firm break below 1.0834 would shift the bias to the downside.
