Detailed FX Market Outlook and Analysis

Daily Forex Analysis – EUR/USD – 21-July-2023

Forex Analysis

EUR/USD Daily Forex Analysis

In our Daily Forex Analysis of the EUR/USD pair, the break below the minor support at 1.1177 signals a short-term topping out around 1.1278, following a rejection at the 1.1277 Fibonacci level. This shift puts the intraday bias back on the downside, priming the pair for a deeper pullback toward the resistance-turned-support at 1.1015. As of now, as long as the resistance at 1.1278 remains, the risk leans slightly toward the downside, even in the event of a recovery.

Broadening our Daily Analysis, the ongoing ascent from 0.9538 is now drawing attention toward the 61.8% retracement of the move from 2021’s high of 1.2352 to 0.9538, located at 1.1277. A persistent breach of this level will bolster the case for a bullish trend reversal, targeting the next resistance at 1.2352. Nevertheless, as long as the support at 1.0836 holds, the outlook will maintain its bullish skew, even if a deep pullback occurs.

EUR/USD Daily Analysis Summary

The Daily Forex Analysis for EUR/USD indicates a short-term topping with a bias on the downside, targeting the 1.1015 level. However, the bigger picture remains bullish as long as 1.0836 support holds, despite possible deep pullbacks.

Key Points

  • EUR/USD Intraday Analysis reveals a downside bias for a deeper pullback towards 1.1015 after a short-term topping.
  • The broader outlook continues to be bullish as long as support at 1.0836 holds, despite possible deep retracements.
  • A sustained break above 1.1277 will solidify a bullish trend reversal, with the next target at 1.2352.

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