Daily Pivots: (S1) 1.0950; (P) 1.0980; (R1) 1.1024; More…
EUR/USD’s rally resumed by breaking through 1.0964 and intraday bias is back on the upside. Current rise from 1.0447 should now target 1.1274 resistance next. But strong resistance should be seen there to limit upside. On the downside, below 1.0933 minor support will turn intraday bias neutral and bring consolidations. But further rally will remain in favor as long as 1.0851 support holds.
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.
