Daily Pivots: (S1) 1.0810; (P) 1.0843; (R1) 1.0905; More…
Intraday bias in EUR/USD is turned neutral again as it recovered after dipping to 1.0779. While another fall cannot be ruled out, considering persistent bullish convergence condition in 4H MACD, downside should be contained by 1.0722 key structural support. On the upside, firm break of 1.0886 will confirm short term bottoming, and bring stronger rebound back towards 1.1138 resistance. Nevertheless, decisive break of 1.0722 will argue that whole rise from 1.0447 has completed, and target this low.
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 1.0722 support will argue that the third leg has already started for 1.0447 and below.
