Daily Pivots: (S1) 1.0852; (P) 1.0891; (R1) 1.0931; More…
EUR/USD is losing upside momentum as seen in bearish divergence condition in 4 hour MACD. But further rise could still be seen as long as 1.0765 support holds, to 61.8% projection of 0.9630 to 1.0733 from 1.0482 at 1.1164 next. On the downside, though, break of 1.0765 support should now confirm short term topping, and turn bias back to the downside for 55 day EMA (now at 1.0591).
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 rise 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.
