Daily Pivots: (S1) 1.0760; (P) 1.0788; (R1) 1.0822; More…
EUR/USD recovered after falling to 1.0754, and drew support from 55 D EMA (now at 1.0770). Intraday bias is turned neutral for consolidations. But another fall is in favor as long as 1.0894 minor resistance holds. Break of 1.0754 and sustained trading below 55 D EMA will pave the way to retest 1.0447 support. Nevertheless, break of 1.0894 will turn bias back to the upside for 1.1016 resistance instead.
In the bigger picture, price actions from 1.1274 are viewed as a corrective pattern to rise from 0.9534 (2022 low). Rise from 1.0447 is tentatively seen as the second leg. Hence while further rally could be seen, upside should be limited by 1.1274 to bring the third leg of the pattern. Meanwhile, sustained break of 55 D EMA will argue that the third leg has already started for 1.0447 and below.
. Intraday bias is turned neutral for consolidations. But another fall is in favor as long as 1.0894 minor resistance holds. Break of 1.0754 and sustained trading below 55 D EMA will pave the way to retest 1.0447 support. Nevertheless, break of 1.0894 will turn bias back to the upside for 1.1016 resistance instead.){kind=link}