EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.0892; (P) 1.0919; (R1) 1.0945; More

EUR/USD is extending the consolidation from 1.0969 temporary top and intraday bias remains neutral. With 1.0803 support intact, further rally is expected. On the upside, above 1.0969 will resume the rise from 1.0634 to retest 1.1094 high. Decisive break there will confirm resumption of whole up trend from 0.9534. However, firm break of 1.0803 will extend the corrective pattern from 1.1094 with another falling leg, targeting 1.0634 and below.

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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