Detailed FX Market Outlook and Analysis

EUR/USD Daily Analysis 05-April-2023

EUR/USD Daily Analysis

The intraday bias for EUR/USD remains on the upside, indicating that the rise from 1.0515 is currently in progress. The next target is to retest the high of 1.1032, and a decisive break above that level will resume the larger uptrend from the 0.9534 Fibonacci level to 1.1273. However, if the support level of 1.0787 is breached, the bias will shift back to the downside, targeting the 1.0711 support level instead.

In the bigger picture, the rise from the 2022 low of 0.9534 is ongoing, with the 38.2% retracement level of 0.9534 to 1.1032 at 1.0460 remaining intact. The strong support from the 55-week EMA (currently at 1.0625) is also a medium-term bullish sign. The next target is the 61.8% retracement level of 1.2348 (2021 high) to 0.9534 at 1.1273. A sustained break above that level will solidify the case for a bullish trend reversal and target 1.2.

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