Wed, Feb 01, 2023 @ 07:06 GMT

EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.0752; (P) 1.0811; (R1) 1.0846; More

EUR/USD’s rally resumes by taking out 1.0873 temporary top. Intraday bias is back on the upside. Current rise from 0.9534 should target 61.8% projection of 0.9630 to 1.0733 from 1.0482 at 1.1164 next. On the downside, below 1.0765 minor support will turn intraday bias neutral again. But outlook will stay bullish as long as 1.0482 support holds.

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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