EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.0773; (P) 1.0801; (R1) 1.0812; More

EUR/USD is still bounded in consolidation above 1.0764 and intraday bias stays neutral. Outlook stays mildly bearish as long as 1.0929 resistance holds. Below 1.0764 will resume the fall from 1.1274 to 1.0609/34 cluster support next.

In the bigger picture, fall from 1.1274 medium term top is seen as a correction to up trend 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 bring rebound. Yet, medium term outlook will be neutral for now, as long as 1.1274 resistance holds.

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