EUR/USD Daily Forex Analysis
Our Daily Forex Analysis shows that the intraday outlook for the EUR/USD pair leans towards the upside, even amidst a slight slowing of momentum. We anticipate a further surge that could reach the 1.1313 Fibonacci level. A decisive breach of this level could aim for the next target, the 161.8% projection of 1.0674 to 1.1051 from 1.0872, situated at 1.1482. Conversely, a fall below the minor support level at 1.1226 would switch the intraday bias to neutral and initiate a period of consolidation, followed by a potential rally.
The Daily Analysis of the broader picture reveals that the rise from 0.9574 is prolonging, bringing the focus to the 61.8% retracement of 1.2388 (high of 2021) to 0.9574 at 1.1313. If this level is firmly surpassed, it will strengthen the argument for a bullish trend reversal and set the next target at the 1.2388 resistance. In the meantime, the outlook is expected to remain bullish as long as the 1.0872 support holds, even in the face of a significant pullback.
Summary
Despite a deceleration in momentum, the intraday outlook for EUR/USD remains bullish. If the minor support at 1.1226 is breached, the intraday bias could shift to neutral. The broader outlook continues to be bullish, with a focus on the 61.8% retracement at 1.1313, potentially marking a bullish trend reversal.
Key Points
- The EUR/USD pair maintains an upside bias, aiming for the 1.1313 Fibonacci level and potentially the 1.1482 projection.
- The intraday bias could shift to neutral if the pair falls below the minor support at 1.1226, leading to consolidation.
- In the broader perspective, the outlook remains bullish as long as the 1.0872 support holds, even if a deep pullback occurs.
