Daily Pivots: (S1) 1.0702; (P) 1.0746; (R1) 1.0783; More…
EUR/USD is staying in consolidation above 1.0668 temporary low and intraday bias stays neutral. On the downside, break of 1.0668 will resume the correction from 1.1032 short term top and target 38.2% retracement of 0.9534 to 1.1032 at 1.0463. Nevertheless, firm break of 4 hour 55 EMA (now at 1.0793) will bring retest of 1.1032 high instead.
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.
