Detailed FX Market Outlook and Analysis

EUR/USD Daily Forecast 03-OCT-2022

EUR/USD Daily Analysis

Intraday bias in EUR/USD stays neutral at this point. A break of 0.9634 minor support will suggest that a larger downtrend is ready to resume. Intraday bias will be back on the downside for 0.9534 and below. However, a sustained break of 0.9863 will confirm short-term bottoming, and bring a stronger rally back to 1.0197 resistance 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 break of 1.0197 resistance is needed to be the first sign of medium-term bottoming. Otherwise, the outlook will stay bearish even with a strong rebound.

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