FX.co ★ EUR/USD

EURUSD Short-Term Analysis: Today's basic analysis of the EUR/USD exchange rate looks at the nation's economic prospects and potential currency movement. The pair's short-term bottoming would be confirmed with another break of 1.16349. If the price significantly recovers from the support level around 1.15673, it will likely hit structural resistance at 1.16451 before starting a new upward trend. Therefore, before the year is out, we expect a big increase toward 1.16151. The EUR/USD currency pair is undergoing range trading. During the intraday trading session, the market tends to be bearish. In general, we predict that the downward trend will last for a while. 62.6% of the forecast was broken between 1.16301 at 1.16001 and 1.16251 at 1.17451, breaking the 61.8% expectation. If the price rises sharply in the near future, approaching 1.23591, the short-term bottom and the 100% prediction at 1.12141 at a time may be validated. If we are unable to overcome this minor barrier level, there is a serious chance that EUR/USD would drop much more. Following a consolidation yesterday, the pair is presently neutral. We should expect the EUR/USD exchange rate to consolidate. The potential resumption of the negative trend could be indicated by the 1.16201 support turning into a resistance. I believe the breakout to the 100% objective of 1.15151 will be possible if the 61.8% forecast of 1.15751 to 1.16751 at 1.16501 is firmly broken. On the short-term chart, a break of 1.19851 would signal that the price has hit its lowest point. I would consider it a valid short-term bullish trend rebound if there is a notable recovery from the 1.15651 support level. Although a significant recovery in EUR/USD is not expected, it would be positive if bulls continued to try to maintain the current trend, even if it wasn't dramatic.