Daily Pivots: (S1) 1.0854; (P) 1.0943; (R1) 1.1001; More…
Focus is now on 1.0800 minor support in EUR/USD with today’s extended pull back. Considering bearish divergence condition in 4 hour MACD, firm break of 1.0800 will confirm short term topping at 1.1032. Intraday bias will then be turned back to the downside for 1.0482 support, which is close to 38.2% retracement of 0.9534 to 1.1032.
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.
