Sat, Jun 10, 2023 @ 00:36 GMT

EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.0682; (P) 1.0715 (R1) 1.0770; More

Intraday bias in EUR/USD is turned neutral first with today’s retreat. Another rise could be seen with 1.0563 minor support intact. Above 1.0748 will resume the rebound from 1.0348. Firm break of 55 day EMA (now at 1.0760) will target 1.0935 resistance next. However, below 1.0563 minor support will turn intraday bias back to the downside for retesting 1.0348 low instead.

In the bigger picture, focus stays on 1.0339 long term support (2017 low). Decisive break there will resume whole down trend from 1.6039 (2008 high). Next target is 61.8% projection of 1.3993 to 1.0339 from 1.2348 at 1.0090. However, firm break of 1.0805 support turned resistance will delay this bearish case and bring medium term corrective rebound first.

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