Wed, Feb 01, 2023 @ 18:15 GMT

EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.0787; (P) 1.0827; (R1) 1.0874; More

A temporary top is formed at 1.0873 with current retreat. Intraday bias in EUR/USD is turned neutral for consolidations first. But further rally is expected as long as 1.0482 support holds. On the upside, break of 1.0873 will resume larger rally from 0.9534 to 61.8% projection of 0.9630 to 1.0733 from 1.0482 at 1.1164 next.

In the bigger picture, current development suggests that the rally from 0.9534 low (2022 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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