Detailed FX Market Outlook and Analysis

EUR/USD Daily Analysis 28-July-2022

EUR/USD Daily Analysis

Intraday bias in EUR/USD stays neutral first. On the upside, above 1.0277 minor resistance will target 1.0348 resistance first. Break there will target channel resistance at 1.0469. on the downside, the break of 1.0095 minor support will bring a retest of 0.9951 low instead.

In the bigger picture, the downtrend from 1.6039 (2008 high) is still in progress. The next target is a 100% projection of 1.3993 to 1.0339 from 1.2348 at 0.8694. In any case, the outlook will stay bearish as long as the 1.0773 resistance holds, in case of a strong rebound.

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