Daily Pivots: (S1) 1.0847; (P) 1.0871; (R1) 1.0896; More…
Intraday bias in EUR/USD is turned neutral as it continued to lose downside momentum ahead of 1.0832 support. On the downside, decisive break of 1.0832 support will target 1.0609/34 cluster support next. On the upside, above 1.0951 minor resistance will turn intraday bias neutral to the upside for stronger recovery.
In the bigger picture, a medium term top should 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. Fall from there is seen as a correction to the uptrend from 0.9534 (2022 low). Deeper decline would be seen 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. Yet, medium term outlook will be neutral for now, as long as 1.1274 resistance holds.
