Daily Pivots: (S1) 1.0529; (P) 1.0591; (R1) 1.0627; More…
EUR/USD’s fall from 1.1213 resumed after brief recovery and intraday bias is back on the downside. Further decline should be seen to 100% projection of 1.1213 to 1.0760 from 1.0936 at 1.0483. Break there will target 1.0404 key fibonacci level. On the upside, above 1.0652 minor resistance will turn intraday bias neutral again first. But outlook will stay bearish as long as 1.0760 support turned resistance holds, in case of recovery.
In the bigger picture, price actions from 1.1274 (2023 high) are seen as a consolidation pattern to up trend from 0.9534 (2022 low), with fall from 1.1213 as the third leg. Downside should be contained by 50% retracement of 0.9534 (2022 low) to 1.1274 at 1.0404, to bring up trend resumption at a later stage.
