Daily Pivots: (S1) 1.0992; (P) 1.1064 (R1) 1.1159; More…
Intraday bias in EUR/USD is mildly on the with focus on 1.1120 support turned resistance. Sustained break there will argue that it’s at least correcting the decline from 1.2265. Further rally should then be seen to 38.2% retracement of 1.2265 to 1.0805 at 1.1363. On the downside, however, break of 1.0943 support will revive near term bearishness, and bring retest of 1.0805 low.
In the bigger picture, the decline from 1.2348 (2021 high) is expected to continue as long as 1.1494 resistance holds. Firm break of 1.0635 (2020 low) will raise the chance of long term down trend resumption and target a retest on 1.0339 (2017 low) next. Nevertheless, break of 1.1494 will maintain medium term neutral outlook, and extending term range trading first.
