Detailed FX Market Outlook and Analysis

EUR/USD Daily Analysis 17-August-2022

EUR/USD Daily Analysis

Intraday bias in EUR/USD remains on the downside at this point. Rebound from 0.9951 should have been completed at 1.0368 after rejection by 55-day EMA, as well as falling channel resistance. A deeper fall would be seen to retest the 0.9951 low. A firm break there will resume a larger downtrend. For now, risk will stay on the downside as long as the 1.0368 resistance holds, in case of recovery.

In the bigger picture, the downtrend from 1.6039 (2008 high) is still in progress. The next target is a 100% projection of 1.3993 to 1.0339 from 1.2348 at 0.8694. In any case, the outlook will stay bearish as long as the 1.0773 resistance holds, in case of a strong rebound.

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