Detailed FX Market Outlook and Analysis

Daily Forex Analysis – EUR/USD – 27-July-2023

Forex analysis

EUR/USD Daily Forex Analysis

As we examine the Intraday Analysis for the EUR/USD pair, the bias continues to hold a neutral stance, and the overall outlook remains unchanged. A further upward movement will continue to be favored as long as the level of 1.1015, which acted as resistance but has since turned into support, remains intact. A rise above the minor resistance at 1.1150 would shift the bias back to the upside, aiming to retest the high at 1.1278. However, a decisive break below 1.1015 could suggest the onset of a more extensive correction, leading to a deeper fall toward the 1.0836 support level.

Moving to our Daily Forex Analysis, the ascension from 0.9538 continues to be the expected trend as long as the 1.1015 support level withstands. A definitive breach of the 61.8% retracement of the rise from 0.9538 to the 2021 high of 1.2352, situated at 1.1277, would reinforce the likelihood of a bullish trend reversal, subsequently targeting the 1.2352 resistance level. However, a decisive break of the 1.1015 level would signify a rejection at 1.1277 and increase the chance of a trend reversal.

EUR/USD Daily Analysis Summary

The Intraday Outlook for the EUR/USD pair remains neutral, with a continued expectation for further rallies as long as the 1.1015 support holds. However, a breach of this support level could indicate a larger correction, possibly leading to a deeper fall toward 1.0836.

Key Points:

1. Further rally in EUR/USD is favored as long as 1.1015 support holds.
2. A definitive breach of 1.1277 would strengthen the likelihood of a bullish trend reversal.
3. A firm break of 1.1015 could suggest a trend reversal, leading to a potential fall towards 1.0836.

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