The EUR/USD daily analysis shows that the forex forecast and trading strategies are currently in a consolidation phase. The intraday bias for the EUR/USD remains neutral as long as it stays above the temporary low of 1.0681. However, a further decline is expected if the resistance at 1.0936 is not broken. In this case, a sustained break of the 61.8% projection level at 1.0656 could lead to a drop to the 100% projection level at 1.0483.
Looking at the bigger picture, the price actions from the 2023 high of 1.1274 are viewed as a consolidation pattern within an uptrend that started from the 2022 low of 0.9534. The recent fall from 1.1213 is considered the third leg of this consolidation. It is expected that the downside will be limited by the 50% retracement level of 0.9534 to 1.1274 at 1.0404. This could pave the way for a resumption of the uptrend at a later stage.
In the world of forex trading, it is essential to closely monitor key levels and patterns to make informed trading decisions. Traders should pay attention to the resistance level at 1.0936 and the support levels at 1.0681 and 1.0656. A breakout above the resistance or below the support could signal the next major move for the EUR/USD pair.
Additionally, keeping an eye on fundamental factors such as economic data releases, central bank announcements, and geopolitical events can also provide valuable insights into the future direction of the currency pair. By combining technical analysis with a good understanding of market fundamentals, traders can improve their chances of success in the forex market.
It is always important to remember that trading in the forex market carries a high level of risk, and it is essential to use proper risk management techniques to protect your capital. By staying informed, disciplined, and patient, traders can navigate the ups and downs of the forex market and work towards achieving their trading goals.
