EUR/USD Mid-Day Forecast
The EUR/USD falls slightly after reaching 1.0925 but remains well above the 1.0765 support level. The intraday bias is still to the upside. The current advance from 0.9534 should aim for the 61.8% prediction of 0.9630 to 1.0733 from 1.0482 to 1.1164 shortly. On the downside, a break of 1.0765 support should now suggest short-term topping and a return to the downward for the 55-day EMA (now at 1.0544).
In the grand scheme of things, the present development indicates that the rebound from the 0.9534 low (2022 low) is a medium-term uptrend rather than a correction. The next target is the 61.8% retracement of the 1.2348 (2021 high) to 0.9534 at 1.1273. As long as 1.0482 support persists, this will be the preferred scenario.
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