Detailed FX Market Outlook and Analysis

EUR/USD Daily Analysis 01-MAR-2023

EUR/USD Daily Analysis

The intraday outlook for EUR/USD remains neutral due to continued range trading above the temporary low of 1.0532. Although there is a possibility that the decline from 1.1032 may continue, there is also strong support at the 38.2% retracement level of 0.9534 to 1.1032 at 1.0463, which could result in a rebound, at least on the first attempt. If the support-turned-resistance level of 1.0668 is broken, then the bias will turn to the upside with resistance levels of 1.0803 and higher. However, a sustained break of 1.0463 will have larger bearish implications.

In the bigger picture, as long as the support level of 1.0482 holds, the rise from the 2022 low of 0.9534 should continue to the 61.8% retracement level of 1.2348 (2021 high) to 0.9534 at 1.1273. On the other hand, a sustained break of 1.0482 will result in a deeper fall to the 61.8% retracement level of 0.9534 to 1.1032 at 1.0106, even if it is just a corrective pullback.

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