Detailed FX Market Outlook and Analysis

EUR/USD Daily Analysis 09-June-2023

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EUR/USD Update and Intraday Analysis

With a significant uptick from its previous low at 1.0638, the EUR/USD has successfully surpassed the 1.0782 resistance threshold in the recent Daily Analysis. This indicates a reorientation of the intraday bias towards the positive end of the scale. By consistently maintaining trade figures above the 55 EMA, now perched at 1.0817, it sets the stage for a re-evaluation of the 1.1098 peaks. However, a breach of the 1.0704 minor support could potentially reignite the decline, initially instigated from 1.1098, that could bottom out at a 1.0638 support level.

Zooming out for a broader perspective in our Daily Update, as long as the 1.0519 support level remains unbreached, expectations are that the upward trajectory from 0.9538 (2022 low) would maintain its upward momentum. A steadfast breakthrough of the 61.8% retracement, moving from 1.2352 (2021 high) to 0.9538, which is currently at 1.1277, would serve as a robust affirmation of a bullish trend reversal. As such, the EUR/USD Intraday Analysis forecasts the next target to be the 1.2352 resistance level (2021 high).

EUR/USD Daily Analysis Summary

In summary, our daily analysis of EUR/USD, based on the most recent Daily Update, suggests a progressive shift to a bullish trend should the support and resistance levels perform as expected. Yet, minor fluctuations should not be dismissed, as they can signal a potential return to a declining trend.

  • EUR/USD rebound crosses 1.0782 resistance, showing a positive bias.
  • A breakthrough at 1.1277 may signal a bullish trend reversal.
  • A breach at 1.0704 could restart a decline, indicating a downtrend.

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