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EUR/USD Daily Analysis 21-NOV-2022

EUR/USD Daily Analysis

Intraday bias in EUR/USD stays neutral at this point, as consolidation from 1.0481 is extending. The downside of retreat should be contained by 1.0092 resistance turned support to bring another rally. On the upside, the break of 1.0481 will resume the rise from 0.9534 and target the 1.0609 Fibonacci level. However, a sustained break of 1.0092 will turn bias to the downside for 55-day EMA (now at 1.0034) and below.

In the bigger picture, a medium-term bottom was in place at 0.9534, on a bullish convergence condition in daily MACD. Even as a corrective rise, a rally from 0.9534 should target a 38.2% retracement of 1.2348 (2021 high) to 0.9534 at 1.0609. Sustained trading above 55-week EMA (now at 1.0566) will raise the chance of trend reversal and target a 61.8% retracement at 1.1273. This will now remain the favored case as long as 1.0092 resistance turned support holds.

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