Daily Forex Analysis – EUR/USD
In our Daily Forex Analysis, the intraday outlook for EUR/USD remains ambiguous at present. A robust recovery, culminating in a decisive breach of 1.0769 resistance, would validate short-term stabilization, refocusing the intraday bias towards testing the 1.0946 resistance level. Conversely, a continued dip below the 1.0611/1.0636 support region carries significant bearish ramifications, with 1.0517 becoming the subsequent downside objective.
Zooming out to our Daily Analysis for a broader perspective, the depreciation from the 1.1276 medium-term peak appears as a counteraction to the bullish wave that commenced at 0.9536, which marked the low of 2022. Significant support is anticipated around the 1.0636 cluster (comprising a 38.2% retracement of the 0.9536 to 1.1276 move at 1.0611). This level is likely to prompt a rebound initially. However, a lasting fall below 1.0611/1.0636 could ignite concerns of a bearish trend reversal, aiming for the 61.8% retracement level at 1.0201.
Analysis Summary
In today’s EUR/USD Daily Forex Analysis, intraday bias remains neutral with a potential for strong rebound or a significant downtrend. Key resistance and support levels have been identified, which could serve as pivot points for the pair’s future direction.
Key Takeaways
- Robust recovery could test 1.0946 resistance
- Sustained dip below 1.0611 could aim for 1.0517
- Medium-term outlook hinges on 1.0636 cluster support
