Daily Forex Analysis – EUR/USD
The EUR/USD pair has recently retraced its established range, maintaining a neutral intraday bias. Further consolidation is possible, but the retreat’s downside should find support at the 1.0759 level, which previously acted as resistance. This support could catalyze another rally. An upward movement above 1.0898 would signify a continuation of the rebound from 1.0451, potentially reaching the 61.8% Fibonacci retracement of the 1.1278 to 1.0451 range at 1.0962.
In a broader context, the price movements from the 1.1278 high are interpreted as a corrective pattern following the rise from the 2022 low of 0.9538. The current rise from 1.0451 is tentatively considered the second phase of this pattern. While an additional rally might occur, the upper limit is likely set by 1.1278, which could lead to the third phase of the pattern. Conversely, a break below 1.0451 would signal a resumption of the decline, potentially targeting the 61.8% Fibonacci retracement of the 0.9547 to 1.1278 range at 1.0203.
Analysis Summary
The EUR/USD pair is in a neutral phase with support at 1.0759, offering the potential for a rally. A break above 1.0898 could extend the rebound, with a target of 1.0962. The pair might encounter resistance at 1.1278 in the long term, limiting further upside.
Key Points
- EUR/USD is neutral with support at 1.0759.
- A break above 1.0898 may extend the rebound.
- Longer-term resistance is anticipated at 1.1278.
