Daily Pivots: (S1) 1.0642; (P) 1.0688; (R1) 1.0713; More…
Intraday bias in EUR/USD remains mildly on the downside at this point. Recovery from 1.0601 could have completed at at 1.0752 already. Further fall would be seen for retesting 1.0601 first. Firm break there will resume larger fall and target 100% projection of 1.1138 to 1.0694 from 1.0980 at 1.0536. For now, risk will stay on the downside as long as 1.0752 resistance holds, in case of recovery.
In the bigger picture, price actions from 1.1274 are viewed as a corrective pattern to rise from 0.9534 (2022 low). Current fall from 1.1138 is seen as the third leg. While deeper decline is would be seen to 1.0447 and possibly below, strong support should emerge from 61.8% retracement of 0.9534 to 1.1274 at 1.0199 to complete the correction.
