Detailed FX Market Outlook and Analysis

EUR/USD Daily Analysis 07-July-2022

EUR/USD Daily Analysis

Intraday bias in EUR/USD stays on the downside and further fall should be seen to 1.0090 long-term projection level. Break there will target a 100% projection of 1.1184 to 1.0348 from 1.0773 at 0.9937, which is close to parity. On the upside, above 1.0276 minor resistance will turn intraday bias neutral and bring consolidations first. But recovery should be limited below 1.0614 resistance to bring another fall.

In the bigger picture, the break of 1.0339 long-term support (2017 low) indicates the resumption of the whole down trend from 1.6039 (2008 high). The next target is a 61.8% projection of 1.3993 to 1.0339 from 1.2348 at 1.0090. A sustained break there will pave the way to a 100% projection at 0.8694. In any case, the outlook will stay bearish as long as the 1.0786 resistance holds, in case of recovery.

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