Daily Forex Analysis – EUR/USD
The descent of EUR/USD from 1.1278 persists, with the intraday bias sustaining its downward stance. The subsequent objective is pinpointed at the 1.0519 support level. A surge above 1.0676, a minor resistance, would shift the intraday outlook to neutral, paving the way for consolidations. However, as long as the 1.0768 level—previously a support and now a resistance—holds, the perspective remains pessimistic.
Delving into the Daily Forex Analysis, our focus is fixated on the 1.0638 cluster support, aligning with the 38.2% retracement of 0.9538 to 1.1278 at 1.0613. Persistent trade beneath this level could elevate the probability of a bearish trend reversal. Consequently, the drop from 1.1278 might be undoing the entire ascent from 0.9538 noted as the 2022 low in our thorough Daily Analysis. Even if this decline is deemed a correction, a more profound plunge to the 61.8% retracement at 1.0203 is anticipated. Currently, any rebounding risk will continue to lean towards the downside as long as the 55 D EMA, presently at 1.0829, remains intact.
Analysis Summary
The Daily Forex Analysis reveals that the ongoing decline of EUR/USD from 1.1278 keeps the intraday outlook bearish, targeting 1.0519 next. The outlook will stay bearish unless 1.0768 is overcome. Persistent trading below 1.0638 could signal a potential bearish trend reversal, possibly erasing the entire rise from 0.9538 (2022 low).
Key Points:
- EUR/USD continues to decline, with intraday bias set at 1.0519.
- The outlook remains bearish as long as 1.0768 holds.
- Persistent trading below 1.0638 may indicate a bearish trend reversal.
