Daily Pivots: (S1) 1.0854; (P) 1.0943; (R1) 1.1001; More…
Intraday bias in EUR/USD is turned neutral again with current retreat. Further rally will remain in favor as long as 1.0800 minor support holds. Break of 1.1032 will resume the up trend from 0.9534, and target 61.8% projection of 0.9630 to 1.0733 from 1.0482 at 1.1164 next. Nevertheless, break of 1.0800 should confirm short term topping and turn bias back to the downside for deeper correction towards 1.0482 support.
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.
