Daily Pivots: (S1) 1.0635; (P) 1.0665; (R1) 1.0711; More…
EUR/USD’s rally continues in early US session and intraday bias stays on the upside for 61.8% projection of 0.9729 to 1.0481 from 1.0289 at 1.0754. Firm break there could prompt upside acceleration to 100% projection at 1.1041. On the downside, break of 1.0604 minor support will turn intraday bias neutral first. But further rally will remain in favor as long as 1.0481 resistance turned support holds.
In the bigger picture, focus stays on 38.2% retracement of 1.2348 (2021 high) to 0.9534 at 1.0609. Rejection by 1.0609 will suggest that price actions from 0.9534 medium term bottom are developing into a corrective pattern. Thus, medium bearishness is retained for another fall through 0.9534 at a later stage. However, sustained break of 1.0609 will raise the chance of trend reversal and target 61.8% retracement at 1.1273.
