Detailed FX Market Outlook and Analysis

EUR/USD Daily Analysis 08-MAR-2023

EUR/USD Daily Analysis

Currently, the favored scenario is that the correction from 1.1032 has already completed at 1.0532. Therefore, a further rise towards the resistance level of 1.0803 is expected. However, if the support level of 1.0575 is broken, this bullish view will be dampened, and the bias will turn downwards.

Looking at the bigger picture, as long as the support level of 1.0482 holds, the rise from 0.9534 (2022 low) is expected to continue to the 61.8% retracement level of 1.2348 (2021 high) to 0.9534 at 1.1273. However, if there is a sustained break of 1.0482, a deeper fall towards the 61.8% retracement of 0.9534 to 1.1032 at 1.0106 may occur, even as a corrective pullback.

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