Thu, Mar 30, 2023 @ 09:11 GMT

EUR/USD Daily Outlook

Daily Pivots: (S1) 1.0676; (P) 1.0721; (R1) 1.0773; More

Intraday bias in EUR/USD is turned neutral with 4 hour MACD crossed above signal line, and some consolidations could be seen. Correction from 1.1032 short term top could still extend lower. Break of 1.0668 will target 38.2% retracement of 0.9534 to 1.1032 at 1.0463. Nevertheless, firm break of 4 hour 55 EMA (now at 1.0822) will bring retest of 1.1032 high instead.

In the bigger picture, current development suggests that the rally from 0.9534 low (2022 low) is a medium term up trend rather than a correction. Further rise is in favor to 61.8% retracement of 1.2348 (2021 high) to 0.9534 at 1.1273 next. This will remain the favored case as long as 1.0482 support holds.

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