Sat, Feb 04, 2023 @ 08:51 GMT

EUR/USD Daily Outlook

Daily Pivots: (S1) 1.0537; (P) 1.0592; (R1) 1.0702; More

Intraday bias in EUR/USD remains neutral and outlook stays bullish with 1.0481 resistance turned support intact. On the upside, firm break of 1.0733 will resume whole rally from 0.9534. Nevertheless, sustained break of 1.0481 will extend the correction to 1.0289 support and below.

In the bigger picture, focus stays on 38.2% retracement of 1.2348 (2021 high) to 0.9534 at 1.0609. Rejection by 1.0609 will suggest that price actions from 0.9534 medium term bottom are developing into a corrective pattern. Thus, medium bearishness is retained for another fall through 0.9534 at a later stage. However, sustained break of 1.0609 will raise the chance of trend reversal and target 61.8% retracement at 1.1273.

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