Detailed FX Market Outlook and Analysis

EUR/USD Daily Analysis 14-NOV-2022

EUR/USD Daily Analysis

Intraday bias in EUR/USD remains on the upside at this point. The current rally should target the 1.0609 Fibonacci level next. On the downside, below 1.0221 minor support will turn intraday bias neutral and bring consolidations first, before staging another rally.

In the bigger picture, a medium-term bottom was in place at 0.9534, on a bullish convergence condition in daily MACD. Even as a corrective rise, a rally from 0.9534 should target a 38.2% retracement of 1.2348 (2021 high) to 0.9534 at 1.0609. Sustained trading above 55-week EMA (now at 1.0566) will raise the chance of trend reversal and target a 61.8% retracement at 1.1273. This will now remain the favored case as long as 1.0092 resistance turned support holds.

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