EUR/USD UPDATE AND INTRADAY ANALYSIS
EUR/USD is moving in a downwards trajectory and the MACD indicator is also revealing a weakening of downward momentum. However, the anticipated direction remains bearish as long as the resistance level at 1.0834 holds firm. The ongoing descent from 1.1098 is considered a corrective movement within the overarching uptrend originating from 0.9538. Consequently, a deeper decline is expected, with the potential to target the cluster support at 1.0519. This level aligns with the 38.2% retracement of the upswing from 0.9538 to 1.1098, specifically at 1.0502.
Nevertheless, if the price manages to surpass the minor resistance at 1.0834, it could trigger a shift in bias towards the upside, resulting in a more robust rebound.
Taking a broader perspective, as long as the support at 1.0519 remains unbroken, the upward trajectory from the 2022 low of 0.9538 is likely to persist. A sustained breakthrough of the 61.8% retracement level at 1.1277, representing the decline from the 2021 high of 1.2352 to 0.9538, would further strengthen the case for a bullish trend reversal. The subsequent target for this reversal would be the resistance level at 1.2352, coinciding with the 2021 high.
EUR/USD Daily Analysis Summary
in summary, the daily update and intraday analysis of EUR/USD indicate a potential decline towards the support level at 1.0519. However, a breakout above the minor resistance of 1.0834 could shift the bias in favor of an upward movement, leading to a more pronounced rebound.