Detailed FX Market Outlook and Analysis

EUR/USD Daily Analysis 24-MAR-2023

EUR/USD Daily Analysis

The EUR/USD has formed a temporary top at 1.0929 with the current retreat, and the intraday bias has turned neutral for now. The further rally is favored as long as the 4-hour 55 EMA (now at 1.0739) holds. If the price goes above 1.0929, the target will be the high of 1.1032 first. A decisive break there will resume the entire uptrend from 0.9534 and target the Fibonacci level of 1.1273 next. However, if there is a firm break of the 4-hour 55 EMA, it will likely extend the corrective pattern from 1.1032 and lead to a deeper decline back towards 1.0515.

Looking at the bigger picture, the rise from the 2022 low of 0.9534 is in progress, and the 38.2% retracement of 0.9534 to 1.1032 at 1.0460 is still intact. The strong support from the 55-week EMA (now at 1.0623) is also a medium-term bullish sign. The next target is the 61.8% retracement of 1.2348 (2021 high) to 0.9534 at 1.1273. If there is a sustained break there, it will solidify the case for a bullish trend reversal and target the resistance level of 1.2348 next (2021 high).

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