Daily Outlook for EUR/USD: Neutral Bias and Potential Upside Movement
Monday, 22 July 2024, 08:00
EUR/USD Daily Outlook
The current intraday bias for the EUR/USD currency pair is neutral, and the possibility of further gains remains likely as long as the minor support level of 1.0871 holds firm.
Potential Breakout Scenarios
- If a break occurs at 1.0947, the target will shift to the 100% projection from 1.0601 to 1.0915 derived from 1.0665, reaching 1.0979.
- Should the support at 1.0871 give way, it would indicate a potential downside trend.
Key Support Levels
- Minor Support: 1.0871
- 55-Day EMA: 1.0809
Traders are advised to keep a close watch on these key levels to navigate potential market movements effectively.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.