Daily Forex Analysis – EUR/USD
The EUR/USD Intraday Outlook showcases a balanced sentiment in today’s Daily Forex Analysis, hinting at further range-bound activity. A definitive breach of the 1.0766 support level would signal the continuation of the decline originating from 1.1276, with eyes on the 1.0611/1.0636 support cluster. Should a recovery take place, it will likely face resistance at 1.0946, keeping the downside scenario active.
In the broader Daily Analysis scope, the downward shift from 1.1276, which was the high point of the year 2022, appears as a corrective phase to the upward trajectory that started at 0.9536. A further descent toward 1.0636, a cluster support area also marking the 38.2% retracement level of the rally from 0.9536 to 1.1276, is plausible. This zone could provide substantial support, at least initially, instigating a bounce back. Nonetheless, the medium-term landscape will stay neutral if the resistance at 1.1276 is intact.
Analysis Summary
In this Daily Forex Analysis, the EUR/USD intraday outlook remains neutral. A firm break of 1.0766 may trigger a decline towards 1.0611, while resistance at 1.0946 caps any recovery efforts. The medium-term view remains balanced with a potential support zone at 1.0636.
Key Points:
- The intraday outlook for EUR/USD remains neutral
- Downside focus on 1.0766 and 1.0611
- Medium-term outlook neutral, watching 1.1276 resistance.
