Daily Pivots: (S1) 1.0645; (P) 1.0683; (R1) 1.0712; More…
Intraday bias in EUR/USD remains on the downside for the moment. Current fall form 1.1032 should target 38.2% retracement of 0.9534 to 1.1032 at 1.0463. Strong support should be seen around there to bring rebound, at least on first attempt. On the upside, above 1.0721 minor resistance will turn intraday bias neutral first. But risk will stay on the downside as long as 1.0803 resistance holds.
In the bigger picture, the rally from 0.9534 low (2022 low) is a medium term up trend rather than a correction. Further rise is in favor to 61.8% retracement of 1.2348 (2021 high) to 0.9534 at 1.1273 next. This will remain the favored case as long as 1.0482 support holds.
