EUR/USD Daily Outlook and Analysis
The intraday outlook for EUR/USD remains bullish, with attention now on the 1.1038 resistance level. A decisive break at this point will resume the larger uptrend from 0.9540, aiming for the 1.1279 Fibonacci level. On the flip side, a breach of the 1.0978 minor support would shift the intraday bias to neutral. A further drop below the 1.0836 support would indicate a rejection at 1.1038, turning the bias back to the downside and targeting the 1.0717 support and potentially lower levels.
Taking a broader view, the increase from the 2022 low of 0.9540 is ongoing, with the 38.2% retracement of 0.9540 to 1.1038 at 1.0466 remaining intact. Moreover, the robust support from the 55-week EMA, which is currently at 1.0631, serves as a medium-term bullish indicator. The next target lies at the 61.8% retracement of 1.2354, (2021’s high) to 0.9540, which is 1.1279. A sustained break at this level would strengthen the argument for a bullish trend reversal and set sights on the 1.2354 resistance level (2021’s high).