Detailed FX Market Outlook and Analysis

EUR/USD Daily Analysis 30-MAY-2023

EUR/USD Daily Analysis


In the latest EUR/USD Daily Analysis, we witness the pair continuing its descent from 1.1098, bolstering the intraday bias towards the downside. This downward movement indicates a correction in the upward trend that began at 0.9538. The Intraday outlook suggests that this slide could lead to a 1.0519 cluster support target, precisely a 38.2% retracement from 0.9538 to 1.1098, landing at 1.0502. Conversely, any movement above 1.0761 could shift the bias towards a more robust rebound, offering a daily update on minor resistance levels.

Moving on to a broader EUR/USD Daily Analysis, we maintain that as long as the 1.0519 support level holds firm, the rise we’ve seen from 2022’s low of 0.9538 could potentially expand further. Should there be a sustained breach of the 61.8% retracement from 1.2348 to 0.9538, registering at 1.1277, it would undoubtedly strengthen the proposition of a bullish trend reversal. Our daily analysis update thus suggests that the next target to watch would be the 1.2352 resistance level, the pinnacle reached in 2021.

EUR/USD Daily Analysis Summary

To summarize, today’s EUR/USD Daily Analysis confirms the existing downward pressure, with key points of resistance and support identified for both bearish and bullish market conditions. Remember to stay updated with our Daily Analysis and use these insights to identify potential trading opportunities.

  • EUR/USD’s descent continues, aiming for a 1.0519 support target
  • A bullish trend reversal for EUR/USD is possible if the 1.0519 support holds

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