Daily Pivots: (S1) 1.0674; (P) 1.0690; (R1) 1.0715; More…
EUR/USD’s rebound from 1.0447 resumed by breaking through 1.0755 resistance and intraday bias is back on the upside. The strong break of 1.0764 cluster resistance (38.2% retracement of 1.1274 to 1.0447 at 1.0763) confirms that fall from 1.1274 has already completed. Intraday bias is back on the upside for 61.8% retracement at 1.0958 next. For now, near term outlook will stay bullish as long as 1.0655 support holds, in case of retreat.
In the bigger picture, price actions from 1.1274 are viewed as a corrective pattern to rise from 0.9534 (2022 low). Rise from 1.0447 is tentatively seen as the second leg. Hence while further rally could be seen, upside should be limited by 1.1274 to bring the third leg of the pattern. However, break of 1.0447 will resume the fall to 61.8% retracement of 0.9543 to 1.1274 at 1.0199.
%20confirms%20that%20fall%20from%201.1274%20has%20already%20completed.%20Intraday%20bias%20is%20back%20on%20the%20upside%20for%2061.8%%20retracement%20at%201.0958%20next.%20For%20now,%20near%20term%20outlook%20will%20stay%20bullish%20as%20long%20as%201.0655%20support%20holds,%20in%20case%20of%20retreat.){kind=link}