Daily Pivots: (S1) 1.0368; (P) 1.0405; (R1) 1.0440; More…
Outlook in EUR/USD is unchanged and strong resistance is expected from 1.0531 to cap upside of the corrective pattern from 1.0176. On the downside, break of 1.0176 will resume whole fall from 1.1213. However, sustained break of 1.0531 will rise the chance of bullish reversal and turn bias back to the upside for stronger rally.
In the bigger picture, immediate focus is back on 61.8 retracement of 0.9534 (2022 low) to 1.1274 (2024 high) at 1.0199. Sustained break there will solidify the case of medium term bearish trend reversal, and pave the way back to 0.9534. However, strong support from 1.0199 will argue that price actions from 1.1274 are merely a corrective pattern, and has already completed.
