Detailed FX Market Outlook and Analysis

EUR/USD Daily Analysis 14-April-2023

EUR/USD Daily Analysis

Currently, the EUR/USD intraday bias is tilted towards the upside. The ongoing uptrend from 0.9534 is expected to reach the 1.1273 Fibonacci level. If the price breaks through this level, the next target would be the 61.8% projection level of 0.9534 to 1.1032 from 1.0515, which is located at 1.1441. On the downside, if the price falls below the 1.0972 support level, the intraday bias will become neutral, and consolidation may follow. Nevertheless, the short-term outlook will remain bullish as long as the 1.0830 support level is maintained.

Looking at the bigger picture, the climb from 0.9534 (2022 low) is underway and is expected to reach the 61.8% retracement level of 1.2348 (2021 high) to 0.9534 at 1.1273. If the price manages to break through this level, it will further support the notion of a bullish trend reversal and target the 1.2348 resistance level next (2021 high). This is the most likely scenario as long as the 1.0515 support level is held, even if there is a deeper pullback.

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