Detailed FX Market Outlook and Analysis

EUR/USD Daily Analysis 18-August-2022

EUR/USD Daily Analysis

Intraday bias in EUR/USD is turned neutral first, but risk stays on the downside as long as the 1.0368 resistance holds. Rebound from 0.9951 should have been completed at 1.0368 after rejection by 55-day EMA, as well as falling channel resistance. A break of 1.0121 minor support will target a retest on 0.9951 low. A firm break there will resume a larger downtrend.

In the bigger picture, down trend 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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