Thu, Feb 09, 2023 @ 05:29 GMT

EUR/USD Daily Outlook

Daily Pivots: (S1) 1.0766; (P) 1.0816; (R1) 1.0902; More

Intraday bias in EUR/USD remains on the upside at this point. Current rise from .9534 should target 61.8% projection of 0.9630 to 1.0733 from 1.0482 at 1.1164 next. On the downside, below 1.0729 minor support will turn intraday bias neutral again first. But near term outlook will stay bullish as long as 1.0482 support holds, in case of retreat.

In the bigger picture, current development suggests that the rally from 0.9534 low is a medium term up trend rather than a correction. Further rally is in favor to 61.8% retracement of 1.2348 (2021 high) to 0.9534 at 1.1273 next. This will remain the favored case as long as 1.0482 support holds.

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