Daily Pivots: (S1) 1.0897; (P) 1.0959; (R1) 1.0999; More…
Intraday bias in EUR/USD remains on the downside at tis point. Current fall from 1.1274 would target 1.0832 support. Sustained trading below there will target 1.0609/34 cluster support. On the upside, however, break of 1.1046 resistance will turn bias back to the upside for stronger rebound instead.
In the bigger picture, a medium term top could be formed at 1.1274, after failing to break through 61.8% retracement of 1.2348 (2021 high) to 0.9534 at 1.1273 decisively, on bearish divergence condition in D MACD. Sustained trading below 55 D EMA (now at 1.0963) will bring deeper correction to 1.0634 cluster support (38.2% retracement of 0.9534 to 1.1274 at 1.0609). Strong support could be seen there, at least on first attempt, to set the range for consolidation.
