Detailed FX Market Outlook and Analysis

EUR/USD Daily Analysis 17-April-2023

EUR/USD Daily Analysis

The intraday bias for the EUR/USD pair remains neutral for consolidation below 1.1075, with the outlook remaining bullish as long as the support at 1.0830 holds. If the price breaks above 1.1075, the larger uptrend will resume and target the Fibonacci level of 1.1273. A further break at this level would then target the 61.8% projection of 0.9534 to 1.1032 from 1.0515 at 1.1441.

Looking at the bigger picture, the rise from the 2022 low of 0.9534 is in progress towards the 61.8% retracement level of 1.2348 (2021 high) to 0.9534 at 1.1273. A sustained break at this level would solidify the case of a bullish trend reversal and target the resistance level of 1.2348 (2021 high). As long as the support at 1.0515 holds, this remains the favored case, even in the event of a deeper pullback.

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