EUR/USD Intraday Analysis
The EUR/USD pair continues its consolidation phase, stemming from the 1.0914 mark. According to our Daily Analysis, the prevailing intraday sentiment leans neutral. A dip below the 1.0914 point might reignite the downward momentum from 1.1277, targeting the 1.0835 foundational level. Should the pair continue to trade beneath this, eyes will be set on the 1.0612/37 support zone. In contrast, a solid breach past the 1.1049 minor resistance could signal that the retracement from 1.1277 is over, laying the ground for a more robust rally.
Expanding on the Daily Forex Analysis, it appears a potential medium-term peak might have been established at 1.1277. This comes after the pair’s inability to convincingly surpass the 61.8% retracement level of the range from 1.2351 (a 2021 pinnacle) to 0.9537, which coincidentally stands at 1.1276. Adding to this narrative is the bearish divergence observed in the MACD. Persistently trading below the 55 EMA, currently pegged at 1.0969, could pave the way for a more profound correction towards the 1.0637 zone (mirroring the 38.2% retracement of 0.9537 to 1.1277 which is at 1.0612). It’s anticipated that significant support might be encountered here during the initial approach, establishing the boundaries for future range-bound activities.
Analysis Summary
EUR/USD’s consolidation around 1.0914 keeps intraday sentiment neutral. While a potential medium-term peak at 1.1277 hints at a deeper correction, robust support is expected at the 1.0637 area.
Key Highlights
- Neutral intraday stance with consolidation rooted at 1.0914.
- A potential medium-term peak was spotted at 1.1277.
- The 1.0637 zone emerges as a crucial support, expected to hold firm on initial tests.
