Daily Forex Analysis: EUR/USD
In today’s Daily Forex Analysis, the EUR/USD intraday outlook suggests a downward bias for now. The pair will likely experience further decline, targeting the 1.0611/36 cluster support area. Flipping the script, a rise above 1.0810 minor resistance would momentarily neutralize the intraday bias. However, as part of our Daily Analysis, it’s crucial to note that downside risks persist as long as 1.0946 resistance remains unbroken, even if a short-term recovery ensues.
Zooming out, the current decline from 1.1276, which was a medium-term peak, seems to be a corrective move against the upward trend initiated at the 2022 low of 0.9536. Further declines could extend to 1.0636, serving as a significant cluster support area and representing a 38.2% retracement from 0.9536 to 1.1276, measured at 1.0611. Strong buying interest is anticipated here, at least initially, to foster a rebound. Nevertheless, the medium-term outlook will maintain a neutral stance unless the 1.1276 resistance is broken. Conversely, a sustained dip below 1.0611/36 could ignite the possibilities of a bearish trend reversal, directing the pair towards a 61.8% retracement at 1.0201.
Analysis Summary
The EUR/USD pair is currently tilted towards the downside, eyeing the 1.0611/36 support zone. The intraday outlook remains bearish unless the 1.0810 minor resistance is broken. The medium-term picture appears neutral with a focus on the 1.0636 support level for potential rebound activity.
Key Bullet Points:
- EUR/USD intraday outlook is bearish, targeting 1.0611/36 support.
- Intraday bias to neutralize above 1.0810 resistance.
- The medium-term outlook remains neutral, awaiting further development.
