EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.0739; (P) 1.0794; (R1) 1.0824; More

Intraday bias in EUR/USD is turned neutral first with today’s recovery. But further decline will remain in favor as long as 1.0903 resistance holds. Fall from 1.1094 is seen as a correction to whole up trend from 0.9534. Below 1.0759 will resume the decline to 1.0515 cluster support, 38.2% retracement of 0.9534 to 1.1094 at 1.0498. On the upside, though, firm break of 1.0903 will bring stronger rebound back to retest 1.1094 high instead.

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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