Daily Forex Analysis – EUR/USD
In today’s Daily Forex Analysis, the Intraday Analysis for EUR/USD indicates a holding pattern, but with some potential upside opportunities. A significant bounce off the current levels, followed by a surpassing of the 1.0769 resistance, should signal a short-term upward shift, aiming for the 1.0946 resistance. Conversely, breaking through the 1.0611/1.0636 support zone would bear more significant downward consequences, setting sights on the 1.0517 support level next.
Shifting to our Daily Analysis of broader trends, the dip from the 1.1276 medium-term peak is interpreted as a setback in an otherwise rising trajectory from the 0.9536 low reached in 2022. Robust support is anticipated around the 1.0636 mark, forming a cluster support and coinciding with a 38.2% retracement from the 0.9536 to 1.1276 interval. This should elicit a rebound on the initial test. Nevertheless, if the price firmly cracks the 1.0611/1.0636 support zone, chances for a more pronounced bearish trend reversal heighten, directing attention towards a 61.8% retracement level at 1.0201.
Analysis Summary
The EUR/USD intraday outlook remains cautious, with potential for both upward and downward movement. Key resistance stands at 1.0769, while a crucial support zone lies between 1.0611 and 1.0636. A break in either direction will set the course for the next significant price move.
Key Points
- Significant upside expected if 1.0769 resistance is broken.
- Key support zone between 1.0611 and 1.0636.
- Broader view suggests a correction in an overall uptrend.
