Daily Pivots: (S1) 1.0868; (P) 1.0898; (R1) 1.0943; More…
Intraday bias in EUR/USD is back on the upside as rise from 1.0525 resumes by breaking through 1.0972. Further rally should be seen to 1.1032 high. Decisive break there resume larger up trend from 0.9534 to 1.1273 fibonacci level. Nevertheless, break of 1.0830 support will now indicate rejection by 1.1032, and turn bias back to the downside for 1.0711 support and below.
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).
