EUR/USD Daily Analysis
EUR/USD is currently experiencing a rise from 1.0515, with an intraday bias that remains upward. The next target is to retest the high of 1.1032, and a decisive break above this level will resume the larger uptrend from 0.9534 to the Fibonacci level of 1.1273. On the downside, if the support level of 1.0787 is broken, the bias will shift back to the downside, with the support level of 1.0711 as the next target.
Looking at the bigger picture, the rise from the 2022 low of 0.9534 is currently in progress, with the 38.2% retracement of 0.9534 to 1.1032 at 1.0460 still intact. The strong support from the 55-week EMA, which is currently at 1.0625, is also a medium-term bullish signal. The next target is the 61.8% retracement of the high of 1.2348 in 2021 to the low of 0.9534, which is at 1.1273. If there is a sustained break above this level, it will solidify the case of a bullish trend reversal and target the resistance level of 1.2348 next, which was the high in 2021.
