Detailed FX Market Outlook and Analysis

Daily Forex Analysis – EUR/USD – 20-July-2023

Daily Forex analysis

EUR/USD Daily Forex Analysis

The EUR/USD pair, in our Daily Forex Analysis, briefly descended to 1.1177 before bouncing back promptly. The Intraday Analysis for EUR/USD reveals a neutral bias at present. A fall below the minor support level of 1.1177 could suggest a pushback by the Fibonacci level of 1.1277, tilting the intraday bias towards a deeper pullback to the 55 4H EMA, currently at 1.1144 or even lower. However, a steady breakthrough of 1.1277 could fuel the broader uptrend, aiming for a 161.8% projection of 1.0638 to 1.1015 from 1.0836 at 1.1446.

Our Daily Analysis also provides a wider perspective, where the rise from 0.9538 continues to draw attention to the 61.8% retracement of the movement from the 2021 peak of 1.2352 to 0.9538, situated at 1.1277. A sustained break at this level would strengthen the prospect of a bullish trend reversal, targeting the next resistance at 1.2352. Despite the possibility of a significant pullback, the outlook remains bullish as long as the 1.0836 support level holds firm.

EUR/USD Daily Analysis Summary

The EUR/USD pair, in today’s Daily Forex Analysis, retains a neutral intraday bias. A fall below 1.1177 could trigger a deeper pullback, while a steady breakthrough of 1.1277 might fuel the broader uptrend. In the wider picture, the outlook remains bullish, targeting 1.2352, provided 1.0836 continues to offer support.

Key Points

  • EUR/USD’s Intraday Analysis reveals a neutral bias, with the potential for a deeper pullback below 1.1177.
  • A sustained break of 1.1277 could extend the broader uptrend to 1.1446.
  • The wider outlook remains bullish, targeting 1.2352, assuming 1.0836 continues to provide support.

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