EUR/USD Daily Outlook

Daily Pivots: (S1) 1.0588; (P) 1.0611; (R1) 1.0643; More

EUR/USD’s rebound from 1.0447 continues and the break of 1.0616 confirms short term bottoming. intraday bias is back on the upside for 1.0764 cluster resistance (38.2% retracement of 1.1274 to 1.0447 at 1.0763). On the downside, though, break of 1.0518 will bring retest of 1.0447 low instead.

In the bigger picture, fall from 1.1274 medium term top could still be a correction to rise from 0.9534 (2022 low). But chance of a complete trend reversal is rising. In either case, current fall should target 61.8% retracement of 0.9534 to 1.1274 at 1.0199 next. For now, risk will stay on the downside as long as 55 D EMA (now at 1.0719) holds, in case of rebound.

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