Detailed FX Market Outlook and Analysis

EUR/USD Daily Analysis 12-August-2022

EUR/USD Daily Analysis

Intraday bias in EUR/USD is turned neutral, but the focus stays on 1.0348 support turned resistance, which is close to 55 days EMA (now at 1.0346). Decisive break there argue that rally from 0.9951 is at least correcting the fall from 1.1494. The further rise should then be seen to 38.2% retracement of 1.1494 to 0.9951 at 1.0540. On the downside, the break of 1.0201 minor support will suggest that such a rebound has been completed and bring a retest of 0.9951 low instead.

In the bigger picture, the downtrend from 1.6039 (2008 high) is still in progress. The next target is a 100% projection of 1.3993 to 1.0339 from 1.2348 at 0.8694. In any case, the outlook will stay bearish as long as the 1.0773 resistance holds, in case of a strong rebound.

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