EUR/USD Daily Analysis
At present, the intraday bias for EUR/USD remains neutral. While there is a possibility of another decline while the resistance at 1.0693 remains intact, a strong support level could be established at 1.0463, which represents the 38.2% retracement of the range from 0.9534 to 1.1032. If this support level holds, it could indicate a potential reversal. On the other hand, if the resistance at 1.0693 is broken, it may suggest that the pullback from 1.1032 has concluded, and the bias could shift towards an upward trend targeting the resistance level at 1.0803 and beyond. However, if there is a sustained break of the support level at 1.0463, it could signify a more substantial bearish trend.
Looking at the bigger picture, as long as the support level at 1.0482 remains intact, the upward trend that started from the low of 0.9534 in 2022 should continue, potentially reaching the 61.8% retracement level of the range from the high of 1.2348 in 2021 to the low of 0.9534 at 1.1273. Nevertheless, if the support level at 1.0482 is broken, it could result in a deeper decline to the 61.8% retracement level of the range from 0.9534 to 1.1032, which stands at 1.0106, even if it is only a corrective pullback.
