EUR/USD Daily Analysis
EUR/USD continues to a downward trajectory. The decline from a short-term peak of 1.1020 seems poised to continue toward the 55-day Exponential Moving Average (EMA), now adjusted to 1.0773. Conversely, a breach above 1.1020 could signal a resurgence, potentially challenging the 1.1278 high.
The analysis suggests that the fluctuations from the 1.1278 mark represent a corrective phase following the ascent from the 2022 nadir of 0.9538. The rise from 1.0451 is tentatively identified as the second phase of this pattern. This indicates that while a further upswing is plausible, it is likely to be capped by the 1.1278 level, setting the stage for the emergence of the pattern’s third phase. A sustained descent below the 55-day EMA, now at 1.0773, would reinforce this hypothesis, suggesting an impending decline towards 1.0451 or lower.
Analysis Summary
EUR/USD indicates a mild downward bias with a potential decline towards 1.0773. The broader view identifies a corrective pattern from 1.1278, suggesting limited upside potential. A break below 1.0773 could indicate the start of a downward phase towards 1.0451.
Key Points
- Short-term downward bias in EUR/USD, targeting 1.0773.
- Potential rise capped at 1.1278 in the larger corrective pattern.
- A break below 1.0773 signals a move toward 1.0451.
