Sat, Jun 10, 2023 @ 00:28 GMT

EUR/USD Daily Outlook

Daily Pivots: (S1) 1.0968; (P) 1.1030; (R1) 1.1073; More

Range trading continues in EUR/USD and intraday bias remains neutral. Outlook stays bullish as long as 1.0908 support holds. Further rally remains in favor for now. On the upside, firm break of 1.1094 will resume larger up trend to 1.1273 fibonacci level. Break there will target 61.8% projection of 0.9534 to 1.1032 from 1.0515 at 1.1441 However, considering bearish divergence condition in 4H MACD, break of 1.0908 support will indicate short term topping and turn bias back to the downside.

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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