EUR/USD Daily Analysis
Further rally is expected in EUR/USD with 1.0765 support intact. The current rise from 0.9534 should target a 61.8% projection of 0.9630 to 1.0733 from 1.0482 at 1.1164 next. On the downside, though, the break of 1.0765 support should now indicate short-term topping and turn bias back to the downside for 55-day EMA (now at 1.0557).
In the bigger picture, current development suggests that the rally from the 0.9534 low (2022 low) is a medium-term up trend rather than a correction. Further rise is in favor of a 61.8% retracement of 1.2348 (2021 high) to 0.9534 at 1.1273 next. This will remain the favored case as long as 1.0482 support holds.
