Daily Pivots: (S1) 1.1107; (P) 1.1126; (R1) 1.1144; More…
Intraday bias in EUR/USD remains on the downside for the moment. Fall form 1.1274 short term top should continue lower. But outlook will remain bullish as long as 1.1011 resistance turned support holds. Above 1.1173 will resume larger up trend from 0.9534. However, firm break of 1.1011 will argue that larger correction is underway.
In the bigger picture, rise from 0.9534 is still expected to continue as long as 1.1011 resistance turned support holds. Decisive 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. However, firm break of 1.1011 will bring deeper fall back to 1.0634 support next.
