EUR/USD Intraday Analysis
According to our Daily Forex Analysis for EUR/USD, the current Intraday Analysis suggests a leaning towards the downside. The descent initiated from 1.1278 is heading towards the 1.0836 support level. If trading activity firmly stays below this mark, eyes will be on the 1.0613/38 cluster support area. To hint at a potential end of this decline, we would need to witness a surge past the 1.1068 resistance. In the absence of this, any recovery might retain a wary bearish shade.
Zooming out for a wider Daily Analysis, it appears that the medium-term might have peaked at 1.1278. This is underpinned by its inability to clearly breach the 61.8% retracement of 1.2352 (a high achieved in 2021) to 0.9538, placed tantalizingly close at 1.1277. The bearish divergence evident in the D MACD is another supporting factor. A continuous trading spell below the 55 D EMA, currently pegged at 1.0970, can usher in a steeper correction targeting the 1.0638 cluster support (calculated as the 38.2% retracement from 0.9538 to 1.1278 at 1.0613). It’s conceivable that this level might act as a sturdy cushion during the initial touches, demarcating a potential zone for future consolidation.
Summary
The EUR/USD’s Daily Forex Analysis underscores a prevailing bearish mood, focusing on the 1.0836 support, with an extended gaze on 1.0613/38. A climb beyond 1.1068 could recalibrate the narrative. A broader lens hints at consolidation possibilities around 1.0638.
Key Bullet Points
- EUR/USD’s descent is aiming for 1.0836; extended target at 1.0613/38.
- A break beyond 1.1068 is critical to counter the current bearish sentiment.
- A broader scope foresees potential stabilization around the 1.0638 area.
