Daily Pivots: (S1) 1.6482; (P) 1.6578; (R1) 1.6652; More…
EUR/USD’s break of 1.6444 resistance turned support indicates short term topping at 1.6785. Intraday bias is back on the downside for pull back to 1.6219 support. Firm break there will indicate that larger correction is on the way. Nevertheless, strong rebound from 1.6219 will maintain near term bullishness for another rise through 1.6785 at a later stage.
In the bigger picture, the solid break of 1.6434 resistance argues that whole down trend from 1.9799 (2020 high) has completed at 1.4281 (2022 low). Further rise should be seen to 61.8% retracement of 1.9799 to 1.4281 at 1.7691 next. For now, outlook will stay bullish as long as 1.5976 resistance turned support holds, even in case of deep pull back.
