Detailed FX Market Outlook and Analysis

EUR/USD Daily Analysis 03-NOV-2022

EUR/USD Daily Analysis

EUR/USD’s break of 0.9847 argues that the corrective pattern from 0.9534 has been completed with three waves up to 1.0092. Such development revives near-term bearishness too. Intraday bias is back on the downside for retesting the 0.9534/9630 support zone. On the upside, above 0.9975 minor resistance will turn intraday bias neutral again first.

In the bigger picture, medium-term term bearishness is retained with failure to sustain above 55-day EMA (now at 0.9930). That is, a larger downtrend from 1.2348 (2021 high) is still in progress. A firm break of 0.9534 low will confirm this bearish case. For now, risk will stay on the downside as long as the 1.0092 resistance holds, in case of recovery.

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