Detailed FX Market Outlook and Analysis

EUR/USD Daily Analysis 17-MAR-2023

EUR/USD Daily Analysis

The EUR/USD intraday bias is currently neutral. A break of the 1.0759 resistance level would indicate that the corrective fall from 1.1032 to 1.0515 has ended, with a retracement of 38.2% at 1.0258. This would turn the intraday bias to the upside, with a retest of the 1.1032 high. However, if there is a sustained break of 1.0258, a head and shoulder top would be completed (with the left shoulder at 1.0733, the head at 1.1032, and the right shoulder at 1.0759), and the outlook would become bearish towards a retracement of 61.8% at 1.0106.

Looking at the bigger picture, as long as the 1.0482 support level holds, the rise from the 2022 low of 0.9534 should continue to the retracement level of 61.8% at 1.1273 of the 2021 high of 1.2348. However, a sustained break of 1.0482 would lead to a deeper fall towards the retracement level of 61.8% at 1.0106 of the range between 0.9534 and 1.1032, with the risk of eventually breaking through the 0.9534 level.

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