EUR/USD Intraday Analysis
At present, the Intraday Analysis for EUR/USD showcases a neutral stance. If the pair experiences a downturn, breaching the 1.0915 level, it’s anticipated to continue the decline that started at 1.1278, aiming for the 1.0836 support level. Should the currency pair maintain a position beneath this mark, the 1.0613/38 support cluster becomes the next target. Conversely, if there’s a confirmed surpass of the 1.1068 minor resistance, this might indicate the conclusion of the pullback from 1.1278, sparking a more vigorous recovery.
Looking deeper into the Daily Analysis, there’s speculation that the medium-term pinnacle may be at 1.1278. This arises from its inability to effectively surpass the 61.8% retracement of the journey from 1.2352 (peak in 2021) down to 0.9538, marking 1.1277, especially with the observed bearish divergence in the MACD. Persistent trades below the 55 EMA, now adjusted to 1.0970, might provoke a pronounced correction to the 1.0638 support cluster, which represents the 38.2% retracement of the 0.9538 to 1.1278 range, set at 1.0613. This zone is likely to exhibit significant support, at least during its initial encounter, potentially dictating the consolidation boundaries.
Analysis Summary
The EUR/USD pair remains neutral intraday, with pivotal levels at 1.0915 and 1.1068 to watch. On a broader scale, the 1.1278 level and the 1.0638 support cluster may play a decisive role in dictating future movements.
Key Bullet Points
- Key downside break level: 1.0915.
- Significant resistance to monitor: 1.1068.
- Broad perspective: Potential medium-term peak at 1.1278.
