Daily Pivots: (S1) 1.0856; (P) 1.0895; (R1) 1.0919; More…
Intraday bias in EUR/USD is back on the downside, as fall from 1.1274 resumed by breaking 1.0873 temporary low. Deep Decisive break of 1.0832 will target 1.0609/34 cluster support. Near term outlook will stay cautiously bearish as long as 1.1064 resistance holds, in case of recovery.
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 1.0966) 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.
