Detailed FX Market Outlook and Analysis

EUR/USD Daily Analysis 22-FEB-2023

EUR/USD Daily Analysis

The outlook for EUR/USD remains unaltered. The intraday bias is presently neutral, and a further decline is likely with 1.0803 resistance level unbroken. If 1.0610 support is breached, the corrective decline from 1.1032 will resume, and the 38.2% retracement of the upswing from 0.9534 to 1.1032 at 1.0463 could be reached. Nevertheless, a strong support level should emerge at that point, leading to a rebound, at least on the first attempt.

In the larger context, the rally from the 2022 low of 0.9534 represents a medium-term uptrend rather than a mere correction. A further rise towards the 61.8% retracement level of the 1.2348 (2021 high) to 0.9534 decline, at 1.1273, is highly probable. This scenario will remain the favored case, as long as the 1.0482 support level remains intact.

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