EUR/USD Daily Forex Analysis
The EUR/USD Intraday Analysis reveals a continued neutral bias with the pair navigating within a confined range. A dip below 1.0914 could amplify the descent initiated from 1.1277, aiming for the 1.0835 support. If this level doesn’t hold, eyes will be set on the significant 1.0612/37 cluster support. On the flip side, a confident breach of 1.1049 resistance may suggest the retracement from 1.1277 has wrapped up, ushering in a more pronounced rebound.
Zooming out in our Daily Forex Analysis, there’s a potential that a mid-term pinnacle was set at 1.1277, especially after its inability to confidently surpass the 61.8% retracement of the 1.2351 (2021 peak) to 0.9537 stretch at 1.1276. This is further emphasized by the bearish discrepancy observed in the MACD. Persistently trading beneath the 55 D EMA, currently placed at 1.0969, hints at a deeper pullback aiming for the 1.0637 support zone (38.2% retracement of 0.9537 to 1.1277 at 1.0612). This level is projected to offer robust support, at least initially, establishing boundaries for upcoming consolidation.
EUR/USD Daily Analysis Summary
The EUR/USD’s Daily Analysis indicates a neutral stance. Breaking 1.0914 might fast-track declines while overcoming 1.1049 could usher a rebound. Medium-term perspectives suggest consolidation around the 1.0637 mark.
Key Points
- EUR/USD Intraday Outlook remains neutral with a possibility of testing 1.0835.
- Breaching 1.1049 resistance might signal the end of the current retracement.
- A consolidation phase might be set around the 1.0637 support level.
