Detailed FX Market Outlook and Analysis

EUR/USD Daily Analysis 07-June-2022

EUR/USD Daily Analysis

Intraday bias in EUR/USD remains neutral for the moment. On the downside, the break of 1.0626 minor support will indicate rejection by 55-day EMA and turn bias back to the downside for retesting 1.0348. On the upside, a break of 1.0786, and sustained trading above 55 days EMA (now at 1.0757) will target 1.0935 resistance next.

In the bigger picture, the focus stays on 1.0339 long-term support (2017 low). Decisive break there will resume 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. However, a firm break of 1.0805 support turned resistance will delay this bearish case and bring a medium-term corrective rebound first.

Latest Analysis