Fri, Feb 03, 2023 @ 17:08 GMT

EUR/USD Daily Outlook

Daily Pivots: (S1) 1.0791; (P) 1.0833; (R1) 1.0863; More

Intraday bias in EUR/USD remains neutral for consolidation below 1.0874 temporary top. 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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