Detailed FX Market Outlook and Analysis

EUR/USD Daily Analysis 11-JAN-2023

EUR/USD Daily Analysis

Intraday bias in EUR/USD stays mildly on the upside for the moment. The current rally from 0.9534 would target a 61.8% projection of 0.9630 to 1.0733 from 1.0482 at 1.1164. On the downside, below 1.0659 minor support will turn intraday bias neutral again first. But the near-term outlook will stay bullish as long as 1.0482 support holds in case of retreat.

In the bigger picture, the focus stays on a 38.2% retracement of 1.2348 (2021 high) to 0.9534 at 1.0609. Rejection by 1.0609 will suggest that price actions from 0.9534 medium-term bottom develop into a corrective pattern. Thus, medium bearishness is retained for another fall through 0.9534 at a later stage. However, a sustained break of 1.0609 will raise the chance of trend reversal and target a 61.8% retracement at 1.1273.


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