The EUR/USD currency pair continues its upward trajectory from a slightly adjusted level of 1.0451, exhibiting a strong intraday bias towards the upside. A decisive breakthrough of the 61.8% Fibonacci retracement level, now at 1.0962 (originally spanning from 1.1278 to 1.0451), would set the stage for a potential retest of the adjusted 1.1278 peak. Conversely, a dip below the modified support level of 1.0827 would signal a possible short-term peak, necessitating a temporary halt to the rally. However, barring such a development, the momentum seems tilted towards continued upward movement, even in the event of a pullback.
The price dynamics of EUR/USD, since reaching the revised 2022 low of 0.9538, appear to form a corrective pattern. This recent ascent from 1.0451 is preliminarily perceived as the second phase in this pattern. While there’s room for further upward movement, it’s anticipated that any gains will be capped by the 1.1278 threshold, leading to the emergence of the third segment in this corrective sequence.
Analysis Summary
The EUR/USD pair exhibits a consistent uptrend from 1.0451, with the potential to challenge the 1.1278 high. Key levels include a Fibonacci retracement at 1.0962 and a support turn-point at 1.0827. In the long term, this rally forms part of a broader corrective pattern with a ceiling at 1.1278.
Key Points
- EUR/USD maintains upward momentum from 1.0451.
- Critical levels: 1.0962 (61.8% Fibonacci retracement), 1.0827 support.
- The long-term view suggests a capped rally at 1.1278.
