Detailed FX Market Outlook and Analysis

EUR/USD Daily Analysis 03-FEB-2023

EUR/USD Daily Analysis

Intraday bias in EUR/USD has turned neutral again with the current retreat. The further rally will remain in favor as long as 1.0800 minor support holds. A break of 1.1032 will resume the up trend from 0.9534 and target a 61.8% projection of 0.9630 to 1.0733 from 1.0482 at 1.1164 next. Nevertheless, the break of 1.0800 should confirm short-term topping and turn bias back to the downside for a deeper correction towards 1.0482 support.

In the bigger picture, current development suggests that the rally from the 0.9534 low (2022 low) is a medium-term up trend rather than a correction. Further rise is in favor of a 61.8% retracement of 1.2348 (2021 high) to 0.9534 at 1.1273 next. This will remain the favored case as long as 1.0482 support holds.


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