Detailed FX Market Outlook and Analysis

EUR/USD Daily Analysis 03-JAN-2023

EUR/USD Daily Analysis

Range trading continues in EUR/USD, and intraday bias remains neutral for the moment. Further rally is expected as long as the 1.0481 resistance turned support holds. A break of 61.8% projection of 0.9729 to 1.0481 from 1.0289 at 1.0754 will pave the way to a 100% projection at 1.1041. However, a firm break of 1.0481 will confirm short-term topping and bring a deeper fall to 1.0289 support.

In the bigger picture, the focus stays on a 38.2% retracement of 1.2348 (2021 high) to 0.9534 at 1.0609. Rejection by 1.0609 will suggest that price actions from 0.9534 medium-term bottom develop into a corrective pattern. Thus, medium bearishness is retained for another fall through 0.9534 at a later stage. However, a sustained break of 1.0609 will raise the chance of trend reversal and target a 61.8% retracement at 1.1273.


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