EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.0878; (P) 1.0938; (R1) 1.0976; More

EUR/USD’s break of 1.0908 support indicates short term topping at 1.1094. Intraday bias is back on the downside. Considering bearish divergence condition in D MACD, sustained trading below 55 D EMA (now at 1.0881) will pave the way back to 1.0515 cluster support, 38.2% retracement of 0.9534 to 1.1094 at 1.0498, as a correction to whole up trend from 0.9534.

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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