Detailed FX Market Outlook and Analysis

EUR/USD Daily Analysis 04-April-2024

EUR/USD Daily Analysis

The breach of 1.0929 for EUR/USD indicates that the rally may continue. The bias for the short term is upward, with the first high target being 1.1032. If a decisive break occurs at that level, the larger upward trend from 0.9534 to the 1.1273 Fibonacci level is likely to resume. However, if the support at 1.0787 is broken, the bias will turn downward towards the 1.0711 support level.

Looking at the bigger picture, there is an ongoing rise from the 2022 low of 0.9534, and the retracement of 38.2% from 0.9534 to 1.1032 at 1.0460 remains intact. The strong support from the 55-week EMA (now at 1.0625) is also a medium-term bullish indicator. The next target is the 61.8% retracement of the 2021 high at 1.2348 to 0.9534, which is at 1.1273. A sustained break there would confirm the reversal of the bullish trend and target the 2021 high resistance of 1.2348.

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