Detailed FX Market Outlook and Analysis

EUR/USD Daily Analysis 04-MAY-2022

EUR/USD Daily Analysis

Intraday bias in EUR/USD remains neutral as consolidation from 1.0470 is still extending. The upside of recovery should be limited by 1.0756 support turned resistance to bring fall resumption. A break of 1.0470 will resume a larger downtrend and target a 161.8% projection of 1.1494 to 1.0805 from 1.1184 at 1.0069.

In the bigger picture, the decline from 1.2348 (2021 high) is expected to continue as long as 1.1185 support turned resistance holds. The break of 1.0635 (2020 low) now raises the chance that it’s resuming a long-term downtrend from 1.6039 (2008 high). A retest of 1.0339 (2017 low) low should be seen next. A decisive break there will confirm this bearish case.

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