Detailed FX Market Outlook and Analysis

EUR/USD Daily Analysis 07-FEB-2023

EUR/USD Daily Analysis

EUR/USD continues to decline from its short-term high of 1.1032, reaching a low of 1.0685 so far. The intraday bias remains downward, targeting the 1.0482 support level, which is near the 38.2% retracement of the 0.9534 to 1.1032 range at 1.0463. On the upside, a move above the minor resistance of 1.0798 will change the intraday bias to neutral.

In a larger perspective, the recent trend suggests that the rise from the 0.9534 low in 2022 is a medium-term uptrend rather than a correction. Further gains are expected towards the next target at the 61.8% retracement of the 1.2348 (2021 high) to 0.9534 range at 1.1273. This outlook will remain intact as long as the 1.0482 support level holds.

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