EUR/USD Daily Analysis
The EUR/USD outlook remains unchanged with a continuation of consolidation from 1.1094. The intraday bias is neutral, and a further rally is expected as long as the support level at 1.0908 remains intact. A break of 1.1094 will resume the larger uptrend towards the 1.1273 Fibonacci level. If broken, the target will be the 61.8% projection of the move from 0.9534 to 1.1032, from 1.0515 at 1.1441. However, there is a bearish divergence condition in the 4H MACD to consider. If 1.0908 support is broken, it will indicate a short-term topping and turn the bias to the downside.
Looking at the bigger picture, the rise from the 2022 low of 0.9534 is underway towards the 61.8% retracement of the move from the 2021 high of 1.2348 to 0.9534, at 1.1273. A sustained break above that level will confirm a bullish trend reversal and target the 2021 high of 1.2348. This remains the preferred scenario as long as the support level at 1.0515 holds, even in the case of a deeper pullback.
