Daily Pivots: (S1) 1.1008; (P) 1.1030; (R1) 1.1052; More….
EUR/USD’s break of 1.1001 cluster support (38.2% retracement of 1.0665 to 1.1213 at 1.1004) argues that whole rally from 1.0665 has completed at 1.1213. Intraday bias is back on the downside for 61.8% retracement at 1.0874 and possibly below. On the upside, above 1.1039 minor resistance will turn intraday bias neutral first.
In the bigger picture, rejection by 1.1274 resistance suggests that corrective pattern from 1.1274 (2023 high) is not completed yet. Instead, decline from 1.1213 might be another falling leg. Sustained break of 55 W EMA (now at 1.0877) will validate this case, and bring deeper fall towards 1.0447 support again.
 argues that whole rally from 1.0665 has completed at 1.1213. Intraday bias is back on the downside for 61.8% retracement at 1.0874 and possibly below. On the upside, above 1.1039 minor resistance will turn intraday bias neutral first.){kind=link}