Daily Pivots: (S1) 0.9707; (P) 0.9773; (R1) 0.9817; More…
Intraday bias in EUR/USD is turned neutral first with break of 0.9872 minor resistance. At this point, the favored case is still that corrective pattern form 0.9534 has completed with three waves up to 1.0092. Risk will stay on the downside as long as 1.0092 resistance holds. Break of 0.9729 will target a test of 0.9534/9630 support zone.
In the bigger picture, medium term term bearishness is retained with failure to sustain above 55 day EMA (now at 0.9930). That is, larger down trend from 1.2348 (2021 high) is still in progress. Firm break of 0.9534 low will confirm this bearish case. For now, risk will stay on the downside as long as 1.0092 resistance holds, in case of recovery.
