EUR/USD Daily Outlook

Daily Pivots: (S1) 1.0870; (P) 1.0908; (R1) 1.0960; More

Focus stays on 1.0929 in EUR/USD as the pair is still struggling around this resistance. Sustained break of 1.0929 argue that the corrective fall from 1.1274 has completed with three waves down to 1.0764. Further rally would then be seen to 1.1064 resistance for confirmation. Meanwhile, rejection by 1.0929 will retain near term bearishness. Break of 1.0854 minor support will resume the decline through 1.0764, 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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