Daily Forex Analysis – EUR/USD
The intraday Outlook for EUR/USD reveals a renewed bearish tilt, evidenced by the breach of 1.0491. The downward movement originating from 1.1278 appears set to continue, potentially eyeing the 1.0203 Fibonacci mark as its next destination. To hint at any short-term recovery, the pair would need to surpass the 1.0620 resistance. If not, even amid potential pullbacks, the prevailing sentiment leans toward the bearish spectrum.
Expanding our view, when reflecting upon the broader scope, the decline from the 1.1278 medium-term pinnacle might just be recalibrating the earlier ascent that began at the 0.9538 level, a notable trough of 2022. However, as the dynamics evolve, the possibility of a more pronounced trend reversal becomes increasingly palpable. Regardless of the overarching narrative, the immediate path seems inclined towards the 61.8% retracement level of 1.0203, originating from the journey between 0.9538 and 1.1278. A rebound, if any, would remain suspect as long as the 55 Daily EMA, presently stationed at 1.0763, remains unchallenged.
Analysis Summary
The EUR/USD pair’s bearish undertone appears to solidify further, aiming for the 1.0203 Fibonacci zone. While short-term recoveries remain possible, prevailing dynamics underscore the bearish inclination, especially when viewed against key technical benchmarks.
Key Points
- EUR/USD Intraday Analysis highlights renewed bearish momentum with a focus on 1.0203 Fibonacci level.
- A broader view suggests the decline might be recalibrating the ascent from the 2022 low at 0.9538.
- Critical resistance lies at the 55 D EMA level of 1.0763, shaping the medium-term outlook.
