Detailed FX Market Outlook and Analysis

EUR/USD Daily Analysis 04-August-20222

EUR/USD Daily Analysis

Range trading continues in EUR/USD and intraday bias remains neutral. Further rise is in favor with 1.095 minor support intact. Rebound from 0.9951 will target 1.0348 support turned resistance. Break there will target channel resistance at 1.0432. On the downside, the break of 1.0095 minor support will turn bias back to the downside, and bring a retest of 0.9951 low instead.

In the bigger picture, the down trend from 1.6039 (2008 high) is still in progress. The next target is a 100% projection of 1.3993 to 1.0339 from 1.2348 at 0.8694. In any case, the outlook will stay bearish as long as the 1.0773 resistance holds, in case of strong rebound.

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