Daily Pivots: (S1) 1.0665; (P) 1.0703; (R1) 1.0736; More…
Intraday bias in EUR/USD stays neutral for the moment. On the upside, break of 1.0778 resistance will resume the rebound from 1.0634 short term bottom to 55 D EMA (now at 1.0813). Sustained break there could pave the way back to retest 1.1094 high. On the downside, however, break of 1.0634 will resume the corrective decline from 1.1094. Deeper fall should then be seen to 1.0515 cluster support, 38.2% retracement of 0.9534 to 1.1094 at 1.0498.
In the bigger picture, as long as 1.0515 support holds, rise from 0.9534 (2022 low) would still extend higher. Sustained break of 61.8% retracement of 1.2348 (2021 high) to 0.9534 at 1.1273 will solidify the case of bullish trend reversal and target 1.2348 resistance next (2021 high).
. Sustained break there could pave the way back to retest 1.1094 high. On the downside, however, break of 1.0634 will resume the corrective decline from 1.1094. Deeper fall should then be seen to 1.0515 cluster support, 38.2% retracement of 0.9534 to 1.1094 at 1.0498.){kind=link}