Thu, Feb 09, 2023 @ 06:21 GMT

EUR/USD Daily Outlook

Daily Pivots: (S1) 1.0662; (P) 1.0711; (R1) 1.0785; More

Break of 1.0733 resistance indicates resumption of whole rally from 0.9534. Intraday bias in EUR/USD is turned to the upside. Next target is 61.8% projection of 0.9630 to 1.0733 from 1.0482 at 1.1164. On the downside, below 1.0659 minor support will turn intraday bias neutral again fist. But near term outlook will stay bullish as long as 1.0482 support holds, in case of retreat.

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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