EUR/USD Daily Outlook

Daily Pivots: (S1) 1.0850; (P) 1.0870; (R1) 1.0870; More

Despite some loss of downside momentum as seen in 4H MACD, further decline is still expect3ed in EUR/USD with 1.0941 resistance intact. Fall from 1.1094 short term top is seen as correcting whole up trend from 0.9534. Deeper decline would be seen to 1.0515 cluster support, 38.2% retracement of 0.9534 to 1.1094 at 1.0498. On the upside, though, above 1.0941 resistance will turn bias back to the upside for retesting 1.1094 high.

In the bigger picture, as long as 1.0515 support holds, rise from 0.9534 (2022 low) would still extend higher. Sustained break of 61.8% retracement of 1.2348 (2021 high) to 0.9534 at 1.1273 will solidify the case of bullish trend reversal and target 1.2348 resistance next (2021 high).

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