Daily Pivots: (S1) 1.0695; (P) 1.0720; (R1) 1.0733; More…
Intraday bias in EUR/USD is turned neutral for consolidations first. Considering bullish convergence condition in 4 hour MACD, break of 1.0757 resistance will indicate short term bottoming at 1.0671. Stronger rebound would be seen back to 55 D EMA (now at 1.0846). On the downside, break of 1.0671 will resume the fall from 1.1094 to 1.0515 cluster support, 38.2% retracement of 0.9534 to 1.1094 at 1.0498.
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).
. On the downside, break of 1.0671 will resume the fall from 1.1094 to 1.0515 cluster support, 38.2% retracement of 0.9534 to 1.1094 at 1.0498.){kind=link}