Detailed FX Market Outlook and Analysis

EUR/USD Daily Analysis 15-MAY-2023

EUR/USD Daily Analysis

Currently, the intraday bias for EUR/USD continues to lean towards the downside. The decline from the short-term peak of 1.1094 is perceived as a correction of the overall uptrend from 0.9534. A deeper fall is anticipated towards the 1.0515 cluster support, which aligns with the 38.2% retracement of the 0.9534 to 1.1094 range at 1.0498. However, if it surpasses the 1.0941 resistance, the bias will shift back to the upside, aiming to retest the 1.1094 high.

In the broader view, as long as the 1.0515 support remains intact, the rise from 0.9534 (the 2022 low) could continue to ascend. A sustained breach of the 61.8% retracement of the 1.2348 (2021 high) to 0.9534 range at 1.1273 would strengthen the case for a bullish trend reversal, with the next target being the 1.2348 resistance (the 2021 high).


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