Detailed FX Market Outlook and Analysis

EUR/USD Daily Analysis 06-MAR-2023

EUR/USD Daily Analysis

The current intraday bias in EUR/USD remains neutral, possibly extending the fall from 1.1032. However, a rebound is expected from the strong support level at the 38.2% retracement of 0.9534 to 1.1032, which is at 1.0463. If there is a break of 1.0690, the bias will turn back to the upside with a target of 1.0803 resistance. However, a sustained break of 1.0463 would suggest a larger bearish implication and bring about a deeper decline.

In the bigger picture, as long as the 1.0482 support level holds, the rise from the 2022 low of 0.9534 should continue to the 61.8% retracement level of 1.2348 (2021 high) to 0.9534, which is at 1.1273. However, a sustained break of 1.0482 would result in a deeper fall to the 61.8% retracement level of 0.9534 to 1.1032 at 1.0106, even if it is a corrective pullback.

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