Detailed FX Market Outlook and Analysis

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

EUR/USD Daily Forex Analysis

EUR/USD Daily Forex Analysis

The Daily Forex Analysis for EUR/USD is holding steady for consolidation beneath the temporary peak of 1.0973 in our daily forex analysis. As long as the support level of 1.0807 remains intact, an additional rally is projected. A move above 1.0973 will propel the upward climb from 1.0638, aiming for a retest of the 1.1098 high. A decisive break at this point will verify the renewal of the entire upward trend originating from 0.9538. However, if there is a significant breach of the 1.0807 support, it would prolong the corrective pattern from 1.1098 with another descending leg, aiming at 1.0638 and lower.

On a larger scale, provided that the 1.0519 support holds firm, the ascent from the 2022 low of 0.9538 could continue to scale higher according to our daily analysis. A consistent break of the 61.8% retracement from the 2021 high of 1.2352 down to 0.9538 at 1.1277 will fortify the case for a bullish trend reversal and aim for the next resistance at 1.2352 (2021 high).

EUR/USD Daily Analysis Summary

In summary, our EUR/USD intraday analysis indicates a potential continuation of the rally from 1.0638 with a target of retesting 1.1098, given that the 1.0807 support holds. A significant break of the support could lead to an extension of the corrective pattern from 1.1098.

Key Points

  • The intraday bias for EUR/USD is neutral for consolidation under the temporary peak of 1.0973.
  • A decisive break above 1.1098 will confirm the continuation of the upward trend from 0.9538.
  • In case of a significant breach of 1.0807, a new downward leg could target 1.0638 and below.


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