Fri, Jun 09, 2023 @ 14:40 GMT

EUR/USD Daily Outlook

Daily Pivots: (S1) 1.0993; (P) 1.1031; (R1) 1.1084; More

Intraday bias in EUR/USD remains on the upside for the moment. Up trend from 0.9534 is in progress for 1.1273 fibonacci level. Break there will target 61.8% projection of 0.9534 to 1.1032 from 1.0515 at 1.1441. On the downside, below 1.0972 support will turn intraday bias neutral and bring consolidations first. But near term outlook will stay bullish as long as 1.0830 support holds.

In the bigger picture, rise from 0.9534 (2022 low) is in progress for 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). This will now remain the favored case as long as 1.0515 support holds, even in case of deeper pull back.

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