EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.0800; (P) 1.0848; (R1) 1.0924; More

Intraday bias in EUR/USD remains on the upside at this point. Decisive break of 1.1016 resistance will confirm resumption of whole rally from 1.0447. Further rally should then be seen to retest 1.1274 high. On the downside, below 1.0879 minor support will turn intraday bias neutral first. But outlook will stay cautiously bullish as long as 1.0722 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 seen as the second leg. While further rally could cannot be ruled out, upside should be limited by 1.1274 to bring the third leg of the pattern. Meanwhile, sustained break of 55 D EMA will argue that the third leg has already started for 1.0447 and below.

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