EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.0992; (P) 1.1021; (R1) 1.1076; More

Intraday bias in EUR/USD remains neutral for the moment. Rejection by 1.1075 resistance indicates that consolidation from there is extending. But overall outlook will remain bullish as long as 1.0908 support holds. Break of 1.1075 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.

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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