EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.0885; (P) 1.0926; (R1) 1.0951; More

Intraday bias in EUR/USD remains neutral for consolidation below 1.0964 temporary top. While deeper retreat could be seen, downside 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. However, firm break of 1.0823 will indicate short term topping, and turn bias back to the downside for deeper decline.

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.

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