EUR/USD Daily Forex Analysis
Today’s daily forex analysis reveals a persistent rally for the EUR/USD pair. The intraday analysis indicates an upward bias, with the current uptrend set to challenge the 1.1677 Fibonacci level next. Nevertheless, a drop below 1.1416 could lead to a temporary lull in the pair’s ascent, prompting neutral intraday bias and paving the way for a period of consolidation ahead of the next upward surge.
When we consider the larger picture, the pair’s rise from 0.9938, a low set in 2022, is projected to continue as long as the support at 1.0919 remains intact. A sustained break of the 61.8% retracement level from 1.2748 (the high of 2021) to 0.9938 at 1.1677 would cement the prospects for a bullish trend reversal. This would then set the pair on a trajectory toward its next target – the resistance at 1.2748, which corresponds to the high of 2021.
EUR/USD Daily Analysis Summary
In summary, the EUR/USD pair’s rally is still in play, and the intraday outlook remains positive. The ongoing uptrend is set to target the 1.1677 Fibonacci level, but a drop below 1.1416 could bring consolidation. The larger picture, however, remains bullish as long as the 1.0919 support level holds.
Key Points:
1. The EUR/USD intraday analysis points to an ongoing rally, targeting the 1.1677 Fibonacci level.
2. A drop below the minor support at 1.1416 could neutralize the intraday bias and bring about a consolidation phase.
3. In the broader context, the bullish outlook will hold as long as the 1.0919 support level remains intact.
