EUR/USD Daily Outlook

Daily Pivots: (S1) 1.0677; (P) 1.0705; (R1) 1.0723; More

Intraday bias in EUR/USD is turned neutral with current recovery and some consolidations would be seen. But outlook will stay bearish as long as 1.0944 resistance holds. Below 1.0685 will resume the fall from 1.1274 to 1.0609/34 cluster support.

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. However, sustained break of 1.0609/34 will raise the chance of bearish trend reversal, and target 61.8% retracement at 1.0199.

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