EUR/USD Daily Forex Analysis
Our Daily Forex Analysis reveals a pattern of range trading in the EUR/USD pair, keeping the intraday bias neutral for now. Expectations lean towards a further decline as long as the resistance at 1.1152 persists. Should it descend below 1.0946, we may anticipate a subsequent target at the 1.0836 support level. However, breaking the 1.1152 resistance might suggest the completion of the current decline, triggering a retest of the 1.1278 high.
In our broader Daily Analysis, the EUR/USD pair may have formed a medium-term peak at 1.1278, as it couldn’t decisively breach the 61.8% retracement of the 1.2352 (2021 high) to 0.9538, especially given the bearish divergence noted in D MACD. Persistent trading beneath the 55 D EMA (currently at 1.0967) might instigate a deeper correction to the 1.0638 cluster support (38.2% retracement of 0.9538 to 1.1278 at 1.0613). This area could offer significant support, at least initially, in defining the consolidation range.
EUR/USD Daily Analysis Summary
This analysis focuses on the EUR/USD pair’s range trading pattern. A further decline is projected if the 1.1152 resistance holds. A break beneath 1.0946 could lead to a target of 1.0836. However, surpassing the 1.1152 resistance may conclude the descent and trigger a retest of the 1.1278 high. The Intraday Analysis suggests a broader pattern, with the possibility of a medium-term peak at 1.1278. Trading consistently below the 55 D EMA may lead to deeper corrections.
Key Points
- Range trading continues in EUR/USD with a neutral intraday bias.
- A further decline is anticipated as long as the 1.1152 resistance holds, with a target of 1.0836 if 1.0946 is breached.
- A break of 1.1152 could suggest a reversal, leading to a retest of the 1.1278 high.
