Detailed FX Market Outlook and Analysis

EUR/USD Daily Analysis 19-April-2023

EUR/USD Daily Analysis

The EUR/USD intraday bias currently remains in a state of neutrality as consolidation from the 1.1075 level continues to extend. Despite this, the overall outlook for the currency pair remains bullish, with the 1.0830 support level remaining intact. In the event of a break above the 1.1075 level, a larger upward trend towards the 1.1273 Fibonacci level will resume. This would be followed by a break above the 61.8% projection of the move from 0.9534 to 1.1032 from 1.0515 at 1.1441.

However, if there is a firm break of the 1.0830 support level, it would confirm a short-term topping and bring about a deeper decline towards the 1.0711 support level.

Taking a wider perspective, the rise from the 2022 low of 0.9534 is still in progress, with the aim of reaching the 61.8% retracement of the move from the 2021 high of 1.2348 to 0.9534 at 1.1273. A sustained break above this level would confirm a bullish trend reversal and target the 2021 high of 1.2348 resistance. It is important to note that this bullish outlook remains valid as long as the 1.0515 support level is held, even in the case of a deeper pullback.

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