Detailed FX Market Outlook and Analysis

EUR/USD Daily Analysis 13-FEB-2023

EUR/USD Daily Analysis

The decline of EUR/USD from 1.1032 has resumed after breaking below 1.0668. The current intraday bias is pointing towards the downside, with the 38.2% retracement target being 1.0463. There is strong support expected to be found around that level, which should lead to a rebound, at least on the first attempt. On the other hand, if the price rises above 1.0790, the minor resistance, the bias will shift back to the upside and the 1.1032 high will be retested.

In terms of the broader picture, the rise of EUR/USD from the 0.9534 low (2022 low) is considered to be a medium-term uptrend, rather than a correction. The next target is expected to be the 61.8% retracement of 1.2348 (2021 high) to 0.9534 at 1.1273. This scenario is favored as long as the 1.0482 support level holds.

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