Detailed FX Market Outlook and Analysis

EUR/USD Daily Analysis 02-NOV-2022

EUR/USD Daily Analysis

Intraday bias in EUR/USD remains neutral for the moment. Further rise is in favor as long as 0.9847 minor support holds. A break of 1.0092 will target a 38.2% retracement of 1.1494 to 0.9534 at 1.0283. However, the break of 0.9847 will turn the bias back to the downside for the 0.9534/9630 support zone instead.

In the bigger picture, the case of medium-term bottoming at 0.9534 building up, with bullish convergence condition in daily MACD. While it is too early to call for trend reversal, a firm break of 0.9998 opens up a stronger rebound back to 55-week EMA (now at 1.0630) even as a corrective rise. However, sustained trading back below 55 days EMA (now at 0.9938) will revive medium-term bearishness for another fall through the 0.9534 low.

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