Daily Forex Analysis – EUR/USD
In today’s Daily Forex Analysis, the EUR/USD pair reveals a shift back to a bearish intraday outlook. The decline initiated from 1.1278 has accelerated after surpassing the 1.0877 minor low. A significant breach below 1.0836 could pave the way toward the 1.0613/38 zone. In terms of the short-term prognosis, a bearish sentiment might persist unless the 1.1068 resistance is challenged during any potential recovery.
Expanding the view to a larger timeframe, our Daily Analysis indicates the potential formation of a medium-term peak at 1.1278. This is especially after the pair’s inability to convincingly surpass the 61.8% retracement mark of 1.2352 (from the pinnacle of 2021) down to 0.9538, registering at 1.1277. The MACD has highlighted this through its bearish divergence. Should the currency pair consistently trade beneath the 55 D EMA, currently pegged at 1.0970, we might anticipate a more profound correction, targeting the 1.0638 support zone (which is the 38.2% retracement of the journey from 0.9538 to 1.1278). The 1.0638 mark emerges as a formidable support, likely to offer resistance during its initial encounter and could define the consolidation bounds.
Analysis Summary
The EUR/USD, as per our Daily Forex Analysis, is tilted bearishly in the intraday frame. Breaking past 1.0877 has opened doors for potential targets like 1.0836. However, the medium-term analysis points to a potential peak at 1.1278 with a significant bearish divergence indicated by the D MACD.
Key Points
- A bearish inclination for EUR/USD, with a focus on 1.0836.
- Medium-term peak possibly forming at 1.1278.
- 1.0638 emerges as strong support in a broader context.
