Detailed FX Market Outlook and Analysis

EUR/USD Daily Analysis 08-NOV-2022

EUR/USD Daily Analysis

EUR/USD’s rebound from 0.9729 extends higher but stays well below 1.0092 resistance. Intraday bias remains neutral first. On the upside, a firm break of 1.0092 will resume the rebound from 0.9534. The next target is 1.0368 resistance. On the downside, the break of 0.9729 will reaffirm the case the corrective rise from 0.9534 has been completed at 1.0092. A deeper fall would then be seen to retest 0.9534 low next.

In the bigger picture, the medium-term outlook stays bearish with trading inside the falling channel. That is a larger downtrend from 1.2348 (2021 high) is still in progress. A firm break of 0.9534 low will confirm this bearish case. However, a break of 1.0092 will add to the case of medium-term bottoming, on bullish convergence condition in daily MACD, and bring further rally towards 55-week EMA (now at 1.0583).

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