Fri, Jan 27, 2023 @ 10:27 GMT

EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.0466; (P) 1.0505; (R1) 1.0583; More

Intraday bias in EUR/USD stays on the upside for the moment with focus on 1.0609 fibonacci level. Sustained break there will carry larger bullish implication and target next level at 1.1273. However, break of 1.0427 minor support will indicate rejection by 1.1273, and turn bias back to the downside for 1.0222 support and possibly below.

In the bigger picture, a medium term bottom was in place at 0.9534, on bullish convergence condition in daily MACD. Even as a corrective rise, rally from 0.9534 should target 38.2% retracement of 1.2348 (2021 high) to 0.9534 at 1.0609. Sustained trading above 55 week EMA (now at 1.0566) will raise the chance of trend reversal and target 61.8% retracement at 1.1273. However, rejection by 1.0609 will retain medium term bearishness for down trend resumption at a later stage.

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