Daily Pivots: (S1) 1.0992; (P) 1.1021; (R1) 1.1076; More…
Immediate focus is now on 1.1075 resistance in EUR/USD as rebound extends today. Decisive break there will resume larger up trend from 0.9534 to 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, break of 1.0995 minor support will now indicate that corrective pattern from 1.1075 is extending with one more falling leg before completion.
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.
