EUR/USD Daily Outlook 27-MARCH-2023

EUR/USD Intraday Outlook and Analysis

The prevailing intraday perspective for EUR/USD holds a neutral position. A noteworthy recovery from the current level, combined with surpassing 1.0932, will validate the short-term bullish inclination, driving the upward trajectory to retest the 1.1035 high. Successfully penetrating this level will reactivate the more extensive uptrend that began at 0.9537, aiming for the 1.1276 Fibonacci level. In contrast, consistently trading below the 4-hour 55 EMA (now at 1.0753) might extend the corrective phase from 1.1035, leading to a steeper decline towards 1.0518.

Considering a broader scope, the climb from 0.9537 (2022 low) continues, as the 38.2% retracement level from 0.9537 to 1.1035 at 1.0463 remains untouched. Robust support from the 55-week EMA (currently at 1.0626) further implies a medium-term bullish trend. The subsequent target is the 61.8% retracement of the range between 1.2351 (2021 high) and 0.9537, located at 1.1276. A sustained break at this juncture will strengthen the argument for a bullish trend reversal, focusing on the 1.2351 resistance level (2021 high).