Detailed FX Market Outlook and Analysis

EUR/USD Daily Analysis 22-MAY-2023

EUR/USD Intraday Analysis Forexwick


The intraday analysis of EUR/USD reveals a current neutral bias, indicating a period of consolidation above the temporary low of 1.0756. However, a more significant decline is anticipated as long as the resistance level of 1.0906 remains intact. This downward movement is viewed as a corrective phase within the broader upward trend, which originated from 0.9532. In the event that the support at 1.0763 is breached, the next target for the currency pair would be the cluster support at 1.0519, corresponding to the 38.2% retracement level between 0.9536 and 1.1096, specifically located at 1.0496. Conversely, a decisive breakthrough of the resistance at 1.0905 would lead to a stronger rebound and a subsequent retest of the high at 1.1091.

Examining the larger perspective, as long as the support level at 1.0517 remains intact, the upward movement from the 2022 low of 0.9533 is anticipated to continue. A sustained breach of the 61.8% retracement level of the decline from the 2021 high at 1.2346 to the aforementioned 2022 low at 0.9531, situated at 1.1275, would validate the notion of a bullish trend reversal and establish a target of 1.2345, which corresponds to the 2021 high.

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