Detailed FX Market Outlook and Analysis

EUR/USD Daily Analysis 22-MAR-2023

EUR/USD Daily Analysis

The EUR/USD has broken the 1.0759 resistance level, suggesting that the correction from 1.1032 has already completed at 1.0515. This happened after successfully defending both the 1.0482 support level and the 38.2% retracement of 0.9534 to 1.1032 at 1.0258. The intraday bias is now back on the upside for a retest of the 1.1032 high. However, if the minor support level of 1.0703 is broken, the intraday bias will turn neutral again.

Looking at the bigger picture, as long as the 1.0482 support level holds, the rise from the 2022 low of 0.9534 should continue to the 61.8% retracement of 1.2348 (2021 high) to 0.9534 at 1.1273. However, if there is a sustained break of 1.0482, it will lead to a deeper fall to the 61.8% retracement of 0.9534 to 1.1032 at 1.0106, with a risk of eventually breaking through 0.9534.

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