Detailed FX Market Outlook and Analysis

EUR/USD Daily Analysis 24-FEB-2023

EUR/USD Daily Analysis

The decline in EUR/USD from 1.1032 is still considered a corrective move and the intraday bias continues to favor the downside towards the 38.2% retracement level of 0.9534 to 1.1032 at 1.0463. It is expected that strong support will be seen around this level to trigger a rebound, at least on the first attempt. On the upside, a move above the minor resistance level of 1.0703 will turn the intraday bias neutral, but the risk will remain to the downside as long as the resistance level of 1.0803 holds.

Looking at the bigger picture, the rally from the 2022 low of 0.9534 is considered a medium-term uptrend rather than a correction. Therefore, further rise towards the 61.8% retracement level of 1.2348 (2021 high) to 0.9534 at 1.1273 is favored, as long as the support level of 1.0482 remains intact.

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