Daily Pivots: (S1) 1.0885; (P) 1.0926; (R1) 1.0951; More…
A temporary top was formed at 1.0964 in EUR/USD after hitting 61.8% retracement of 1.1274 to 1.0447 at 1.0958. Intraday bias is turned neutral for some consolidations first. Downside of retreat should be contained by 1.0823 support to bring another rally. On the upside, sustained trading above 1.0958 will pave the way to retest 1.1274 high.
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.
