The EUR/USD daily forecast suggests that the intraday bias for the currency pair remains neutral, indicating that there could be more consolidations above the 1.0495 level. The outlook will continue to be bearish as long as the 1.0760 support turned resistance holds. If there is a firm break of the 1.0495 level, it will signal a resumption of the fall from 1.1213 to the 1.0447 support level, and then potentially to the 1.0404 key fibonacci level.
Looking at the bigger picture, the price actions from the 1.1274 high are viewed as a consolidation pattern within an uptrend from the 0.9534 low in 2022, with the recent fall from 1.1213 considered as the third leg. It is expected that the downside will be contained by the 50% retracement level of 0.9534 to 1.1274 at 1.0404, which could lead to a resumption of the uptrend at a later stage. However, a decisive break of the 1.0404 level would increase the likelihood of a reversal, with the next target being the 61.8% retracement at 1.0199.
In summary, the EUR/USD pair is currently in a consolidation phase with a bearish outlook as long as the 1.0760 resistance holds. A break below the 1.0495 level could lead to further downside towards key support levels. Traders and investors should closely monitor these levels for potential trading opportunities and to assess the overall trend of the currency pair.
