Detailed FX Market Outlook and Analysis

EUR/USD Daily Analysis 23-August-2022

EUR/USD Daily Analysis

EUR/USD’s break of 0.9951 support confirms down trend resumption. Intraday bias stays on the downside for a 61.8% projection of 1.0773 to 0.9951 from 1.0368 at 0.9860. A firm break there should prompt downside acceleration to 100% projection at 0.9546. On the upside, above 1.0045 minor resistance will turn intraday bias neutral and bring consolidations. But recovery should be limited well below 1.0368 resistance to bring fall resumption.

In the bigger picture, the downtrend from 1.6039 (2008 high) is still in progress. The next target is a 100% projection of 1.3993 to 1.0339 from 1.2348 at 0.8694. In any case, the outlook will stay bearish as long as the 1.0368 resistance holds, in case of a strong rebound.

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