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Technical Technical Technical

Technical Update - Correction in EURUSD could soon be over. Return to testing of parity

Forex 2 minutes to read
KCL
Kim Cramer Larsson

Technical Analyst, Saxo Bank Group

The longer term outlook for EURUSD outlined here : https://www.home.saxo/content/articles/forex/ta-eurusd-12072022 is still intact despite the bounce from parity we have seen the past week. A correction was expected. A correction that could take EURUSDD to test 1.0350-1036 i.e. the 0.618 retracement of the selloff and the previous support level EURUSD broke before testing parity.
However, If EURUSD closes above 1.0360 the correction could be extended to the 0.764 retracement at 1.0458 and a possible test of the falling trendline.
However, EURUSD could resume its downtrend without testing 1.0350. Next couple of days, maybe even today , could be decisive

Source: Saxo Group

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