Detailed FX Market Outlook and Analysis

EUR/USD Daily Analysis 20-FEB-2023

EUR/USD Daily Analysis

At present, the intraday bias for EUR/USD is neutral, and the risk is tilted towards the downside as long as the resistance level of 1.0803 holds. If the price falls below 1.0610, it will resume the corrective decline from 1.1032 and reach the 38.2% retracement level of 0.9534 to 1.1032 at 1.0463. A robust support level is expected around this point, which could trigger a rebound, at least on the initial attempt.

Looking at the bigger picture, the upward movement from the low of 0.9534 in 2022 indicates a medium-term uptrend, rather than a mere correction. Further rise is likely towards the 61.8% retracement level of 1.2348 (2021 high) to 0.9534, which is at 1.1273. This scenario will continue to be the preferred case, as long as the support level of 1.0482 holds.

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