EUR/USD Daily Outlook 30-MARCH-23

EUR/USD Intraday Outlook and Analysis

The intraday bias in EUR/USD remains neutral for now as range trading persists. A further rally is favored, and breaking the 1.0933 level will extend the rise from 1.0519 to retest the 1.1036 high. A firm break there would resume the larger uptrend from 0.9538, targeting the 1.1277 Fibonacci level next. However, breaking the 1.0715 level would shift the bias to the downside, extending the corrective pattern from 1.1036 with another decline.

In the bigger picture, the rise from 0.9538 (2022 low) is in progress, with the 38.2% retracement of 0.9538 to 1.1036 at 1.0464 remaining intact. Strong support from the 55-week EMA (now at 1.0627) also serves as a medium-term bullish sign. The next target is the 61.8% retracement of 1.2352 (2021 high) to 0.9538 at 1.1277. A sustained break above this level would solidify the case for a bullish trend reversal and target the 1.2352 resistance next (2021 high).