Sat, Jun 10, 2023 @ 17:28 GMT

EUR/USD Daily Outlook

Daily Pivots: (S1) 1.0902; (P) 1.0937; (R1) 1.0992; More

Intraday bias in EUR/USD stays on the upside as rise form 1.0515 is in progress. Next target is retest on 1.1032 high. Decisive break there will resume larger up trend from 0.9534 to 1.1273 fibonacci level next. On the downside, break of 1.0787 support will turn bias back to the downside for 1.0711 support instead.

In the bigger picture, rise from 0.9534 (2022 low) is in progress with 38.2% retracement of 0.9534 to 1.1032 at 1.0460 intact. The strong support from 55 week EMA (now at 1.0625) was also a medium term bullish sign. Next target is 61.8% retracement of 1.2348 (2021 high) to 0.9534 at 1.1273. Sustained break there will solidify the case of bullish trend reversal and target 1.2348 resistance next (2021 high).

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