Daily Pivots: (S1) 1.1104; (P) 1.1137 (R1) 1.1192; More…
Intraday bias in EUR/USD remains on the upside at this point. Rise from 1.0805 is at least corrective the decline from 1.2265. Further rise would be seen to 38.2% retracement of 1.2265 to 1.0805 at 1.1363. For now, further rise will remain in favor as long as 1.0943 support holds, in case of retreat.
In the bigger picture, the decline from 1.2348 (2021 high) is expected to continue as long as 1.1494 resistance holds. Firm break of 1.0635 (2020 low) will raise the chance of long term down trend resumption and target a retest on 1.0339 (2017 low) next. Nevertheless, break of 1.1494 will maintain medium term neutral outlook, and extending term range trading first.
