Detailed FX Market Outlook and Analysis

Daily Forex Analysis – EUR/USD – 24-July-2023

Daily Forex Analysis

EUR/USD Daily Forex Analysis

Our Daily Forex Analysis indicates that the intraday bias for EUR/USD is currently tilted towards the downside. We anticipate that the recent decline from the short-term peak at 1.1278 may extend further. However, the bullish outlook remains unshaken as long as the resistance-turned-support at 1.1015 remains intact. If the pair surges above 1.1177, it would signal a resumption of the larger uptrend originating from 0.9538. A robust break beneath 1.1015, on the other hand, might suggest a significant correction is taking place.

Delving into the broader picture in our Daily Analysis, we expect the rise from 0.9538 to persist as long as the support at 1.1015 holds its ground. A firm break through the 61.8% retracement of 1.2352 (2021 high) to 0.9538, which sits at 1.1277, would bolster the case for a bullish trend reversal and put the next target at 1.2352. A potent break below 1.1015, conversely, could trigger a deeper plunge to the 1.0638 support level next.

EUR/USD Daily Analysis Summary

The EUR/USD pair’s intraday bias leans towards the downside, with a possibility of further decline from the short-term peak of 1.1278. However, a bullish outlook remains as long as the support at 1.1015 holds. A firm break below this support could indicate a larger correction.


  • EUR/USD Intraday Analysis suggests a downward bias; however, the bullish outlook persists as long as 1.1015 support remains.
  • A firm breakthrough 1.1277 (61.8% retracement) would strengthen the case for a bullish trend reversal, targeting 1.2352 next.
  • A strong break below 1.1015 could signal a deeper drop towards 1.0638.

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