EUR/USD Daily Forex Analysis
According to our Daily Forex Analysis, EUR/USD has experienced a recovery, finding support ahead of the 1.0834 level and entering a range-bound trading phase. The intraday bias remains neutral at the moment, with a possibility of a further rally. A break above the level of 1.1011 would resume the upward move from 1.0634 and target the resistance at 1.1094. A decisive break above this level would confirm the continuation of the larger uptrend from the low of 2022 at 0.9534, with a potential target at the Fibonacci level of 1.1273. However, if there is a firm break below 1.0834, the bias would shift to the downside, targeting the support at 1.0634.
In the bigger picture, as long as the support level at 1.0515 holds, the rise from the low of 2022 at 0.9534 is expected to continue. A sustained break above the 61.8% retracement level of 1.2348 (2021 high) to 0.9534 at 1.1273 would further solidify the case for a bullish trend reversal, with the next target being the resistance level at 1.2348, which was the high of 2021.
EUR/USD Daily Analysis Summary
Our Daily Forex Analysis suggests that EUR/USD has recovered and is currently trading within a range. The intraday bias is neutral, but there is a potential for further upward movement. A break above 1.1011 would signal a continuation of the upward trend, while a break below 1.0834 would indicate a shift in bias to the downside. In the bigger picture, as long as the support at 1.0515 remains intact, the overall outlook remains bullish, with a target at the resistance level of 1.2348.
Key takeaways
- EUR/USD has recovered and is currently in a range-bound trading phase.
- The intraday bias remains neutral, but there is a possibility of a further rally.
- A break above 1.1011 would resume the upward move, while a firm break below 1.0834 would shift the bias to the downside.
