Daily Forex Analysis – EUR/USD
The immediate focus for EUR/USD tilts towards the downside, with a potential aim at the 1.0611/1.0636 support cluster. However, should the pair breach the minor resistance of 1.0810, it would neutralize the immediate bearish sentiment. Still, until we see a convincing break above 1.0946, the downside risks persist.
In our Daily Forex Analysis, we also consider the broader context. The descent from the 1.1276 peak can be viewed as a corrective phase in the long-term bullish trajectory that originated at 0.9536, the low of 2022. A more substantial pullback could target the 1.0636 region, aligning with a 38.2% Fibonacci retracement from the 2022 low to the medium-term high. This area is expected to offer robust support for initiating a bounce. However, the Daily Analysis points to a neutral medium-term perspective, particularly if 1.1276 remains a resistant ceiling. A sustained break below the 1.0611/1.0636 range might tilt the scales in favor of a more profound bearish shift, setting sights on the 1.0201 level.
Analysis Summary
In today’s Daily Forex Analysis, we highlight the immediate downside risk in EUR/USD, targeting the 1.0611/1.0636 support zone. The medium-term outlook remains neutral as long as 1.1276 resistance holds. A decisive break below the support could pave the way for more significant declines.
Key Points:
- Immediate downside focus on 1.0611/1.0636 support zone
- Neutral medium-term outlook, capped by 1.1276 resistance
- A sustained break below 1.0611/1.0636 could trigger a bearish shift.
