Detailed FX Market Outlook and Analysis

EUR/USD Daily Analysis 27-MAR-2023

EUR/USD Daily Analysis

The intraday bias in EUR/USD is currently neutral. A strong rebound from the current level, followed by a break of 1.0929, will confirm near-term bullishness and extend the rise towards the retest of the 1.1032 high. A firm break of this level will resume the larger uptrend from 0.9534 to the Fibonacci level of 1.1273. However, if there is sustained trading below the 4-hour 55 EMA, which is currently at 1.0740, the corrective pattern from 1.1032 is likely to continue and lead to a deeper decline back towards 1.0515.

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

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