EUR/USD Mid-Day Forecast
The EUR/USD intraday bias remains neutral for the time being. On the downside, a break of 1.0668 will restart the correction from the 1.1032 short-term top, with a 38.2% retracement of 0.9534 to 1.1032 at 1.0463 as the next target. Nonetheless, a strong break of the 4 hours 55 EMA (now at 1.0804) will result in a retest of the 1.1032 high.
In the grand scheme of things, the current development indicates that the rally 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 holds, this will remain the preferred scenario.
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