Detailed FX Market Outlook and Analysis

Daily Forex Analysis – EUR/USD – 16-June-2023

EURUSD Daily Forex Analysis

EUR/USD Daily Forex Analysis

In our daily Forex analysis for the EUR/USD pair, the intraday bias currently tilts towards the upside. The surge from 1.0638 is poised to retest the 1.1098 peak. A definitive break at this level would validate the continuation of the overall uptrend that originated from 0.9538. However, a fall below the minor support at 1.0867 would initially reset the intraday outlook to neutral.

Broadening our perspective in the daily analysis, the upward movement from the 2022 low of 0.9538 should continue to extend as long as the 1.0519 support stands firm. A steady breach of the 61.8% Fibonacci retracement of the 2021 high (1.2352) to 0.9538, pegged at 1.1277, would fortify the prospect of a bullish trend reversal. The next target would then be the 1.2352 resistance, mirroring the 2021 high.

EUR/USD Daily Analysis Summary

Our EUR/USD intraday analysis points towards an upside bias, with a potential retest of the 1.1098 high. A dip below the 1.0867 support would shift the intraday sentiment to neutral. In the bigger picture, an ascent past 1.1277 would strengthen the case for a bullish trend reversal, targeting 1.2352.

Key Points

  • The intraday analysis for EUR/USD indicates an upside bias, with a potential to retest 1.1098.
  • A drop below 1.0867 minor support would shift the intraday outlook to neutral.
  • In the broader view, a breach above 1.1277 would solidify the bullish trend reversal scenario, targeting 2021 high at 1.2352.

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