Detailed FX Market Outlook and Analysis

EUR/USD Daily Analysis 28-APR-2022

EUR/USD Daily Analysis

Intraday bias in EUR/USD remains on the downside for the moment. A sustained break of 100% projection of 1.1494 to 1.0805 from 1.1184 at 1.0495 will pave the way to a 161.8% projection at 1.0069. On the upside, above 1.0654 minor resistance will turn bias neutral and bring consolidations. But upside should be limited by 1.0756 support turned resistance to bring fall resumption.

In the bigger picture, the decline from 1.2348 (2021 high) is expected to continue as long as 1.1185 support turned resistance holds. A firm break of 1.0635 (2020 low) will raise the chance of long-term downtrend resumption and target a retest on 1.0339 (2017 low) next. Nevertheless, the break of 1.1185 will maintain a medium-term neutral outlook, and extend term range trading first.

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