EUR/USD Daily Outlook

Daily Pivots: (S1) 1.1044; (P) 1.1092; (R1) 1.1180; More

EUR/USD’s rally continues today and intraday bias stays on the upside at this point. Current up trend should target 1.1273 fibonacci level next. On the downside, below 1.1012 minor support will turn intraday bias neutral and bring consolidations first, before staging another rise.

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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