EUR/USD Daily Forex Analysis
Our Daily Forex Analysis for EUR/USD reveals a shift to a neutral intraday bias following the current recovery. However, there remains a slight bias towards the downside. The decline starting from 1.1105 is perceived as the third phase of the corrective pattern originating from 1.1098. A continued break below the 55-day EMA (now at 1.0842) will aim towards the 1.0638 support level and potentially further. Conversely, surpassing 1.1015 resistance would indicate a test on the high of 1.1098.
In our broader Daily Analysis, the outlook remains bullish for EUR/USD as long as the 1.0519 support level holds. The upswing from 0.9538, being the low point in 2022, could still extend further. A persistent breach of the 61.8% retracement of the move from 1.2352 (2021’s high) to 0.9538 would fortify the case for a bullish trend reversal, aiming to challenge the 1.2352 resistance level next.
EUR/USD Daily Analysis Summary
To summarise, our Daily Forex Analysis indicates a neutral intraday outlook for the EUR/USD pair, with a slight inclination to the downside. Yet, the larger trend remains bullish, with the potential to challenge 2021’s high-provided key support levels to hold.
Key takeaways
- Intraday bias in EUR/USD is neutral but with a mild downside risk.
- The broader outlook remains bullish if the 1.0519 support level holds.
- A persistent break of 61.8% retracement will solidify the case for a bullish trend reversal.
