Detailed FX Market Outlook and Analysis

EUR/USD Daily Analysis 06-June-2023

EUR/USD Daily Analysis

EUR/USD Update and Intraday Analysis

The intraday bias for EUR/USD remains neutral, indicating a period of consolidation above the key level of 1.0638. A breakthrough below 1.0638 would signal a resumption of the corrective decline that started from 1.1098. This downward movement could potentially lead to a deeper fall towards the 1.0519 cluster support, representing a significant 38.2% retracement level based on the range from 0.9538 to 1.1098.

Conversely, if the price surpasses the 1.0782 resistance level, the rebound initiated from 1.0638 would resume, targeting the 55-day Exponential Moving Average (EMA) currently positioned at 1.0833. Such a bullish movement would indicate a strengthening of the upward momentum in the market.

Taking a broader perspective, the rise from the 2022 low of 0.9538 suggests a potential extension of the upward trend. As long as the support level at 1.0519 remains intact, the market will likely continue its ascent. A sustained breakthrough above the 61.8% retracement level of 1.2348 (2021 high) to 0.9538 at 1.1277 would solidify the case for a bullish trend reversal. This scenario would pave the way for the next resistance level at 1.2352, which coincides with the 2021 high.

EUR/USD Daily Analysis Summary

To summarize, the current intraday analysis for EUR/USD suggests a neutral bias with consolidation expected above 1.0638. A breakthrough below this level would indicate a resumption of the corrective decline, while a break above 1.0782 would signal a continuation of the rebound. In the bigger picture, the market remains bullish as long as the support at 1.0519 holds, with the possibility of targeting the 1.2348 resistance level. Traders and investors should closely monitor price movements and key levels to make informed trading decisions.

  • Intraday bias for EUR/USD stays neutral as consolidation continues above 1.0634.
  • Break of 1.0634 resumes a corrective decline from 1.1094, targeting 1.0515 support.
  • Upside potential if price surpasses 1.0778, resuming rebound to 55-day EMA at 1.0829.

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