EUR/USD Daily Analysis
The EUR/USD intraday bias is currently neutral, while the overall outlook remains bullish as long as the support level at 1.0830 holds. A break above the 1.1075 level would indicate a resumption of the larger uptrend, with the next target at the 1.1273 Fibonacci level. A further break above this level would target the 61.8% projection of the move from 0.9534 to 1.1032, which is located at 1.1441. However, if the support level at 1.0830 is breached, it would confirm a short-term top and bring about a deeper decline to the 1.0711 support level.
Looking at the bigger picture, the rise from the 2022 low of 0.9534 is currently underway and is expected to reach the 61.8% retracement level of 1.2348 to 0.9534 at 1.1273. A sustained break above this level would solidify the case for a bullish trend reversal, with the next target at the 2021 high of 1.2348. This bullish scenario remains favored as long as the support level at 1.0515 holds, even in the event of a deeper pullback.
