Daily Pivots: (S1) 0.9999; (P) 0.9987; (R1) 1.0122; More…
Immediate focus is now on 1.0092 resistance in EUR/USD. Firm break there will resume the whole rise from 0.9534. Further rally should then be seen to 38.2% retracement of 1.1494 to 0.9534 at 1.0283, even as a corrective rise. On the downside, break of 0.9729 support will turn bias back to the downside for retesting 0.9534 low instead.
In the bigger picture, medium term outlook stays bearish with trading inside the falling channel. 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. However, break of 1.0092 will add to the case of medium term bottoming, on bullish convergence condition in daily MACD, and bring further rally towards 55 week EMA (now at 1.0583).
