Detailed FX Market Outlook and Analysis

EUR/USD Daily Analysis 03-June-2022

EUR/USD Daily Analysis

Intraday bias in EUR/USD stays neutral at this point. On the upside, a break of 1.0786, and sustained trading above 55 days EMA (now at 1.0757) will target 1.0935 resistance next. On the downside, however, the break of 1.0626 minor support will indicate rejection by 55-day EMA, and turn bias back to the downside for retesting 1.0348 low instead.

In the bigger picture, the focus stays on 1.0339 long-term support (2017 low). Decisive break there will resume whole down trend from 1.6039 (2008 high). Next target is 61.8% projection of 1.3993 to 1.0339 from 1.2348 at 1.0090. However, a firm break of 1.0805 support turned resistance will delay this bearish case and bring a medium-term corrective rebound first.

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