Detailed FX Market Outlook and Analysis

EUR/USD Daily Analysis 12-April-2023

EUR/USD Daily Analysis

The intraday bias in EUR/USD remains neutral due to ongoing consolidation from 1.0972. However, a further rally is expected as long as 1.0787 support holds. If the price rises above 1.0972, it will resume the rally from 1.0515 and retest the high of 1.1032. A firm break above that level will continue the larger uptrend from 0.9534. Conversely, a break of 1.0787 will shift the bias to the downside, with a target support level at 1.0711.

Looking at the bigger picture, the rise from the 2022 low of 0.9534 is ongoing, and the 38.2% retracement level of the move from 0.9534 to 1.1032 at 1.0460 remains intact. The strong support from the 55-week EMA, currently at 1.0625, is also a medium-term bullish sign. The next target is the 61.8% retracement level of the move from the 2021 high of 1.2348 to 0.9534 at 1.1273. A sustained break above that level will confirm the case for a bullish continuation.

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