Detailed FX Market Outlook and Analysis

EUR/USD Daily Analysis 02-MAR-2023

EUR/USD Daily Analysis

The intraday bias for EUR/USD is currently slightly favoring the upside. The corrective decline from 1.1032 is believed to have already completed with three waves down to 1.0532. The next move should be a rise towards the 1.0803 resistance level. A firm break above that level would open the way for a retest of the 1.1032 high. Currently, as long as the 1.0532 support level holds, the risk will stay mildly on the upside, in case of any retreat.

Looking at the bigger picture, as long as the 1.0482 support level holds, the rise from the 2022 low of 0.9534 should continue towards the 61.8% retracement level of 1.2348 (2021 high) to 0.9534 at 1.1273. However, a sustained break of the 1.0482 level would result in a deeper fall towards 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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