Daily Pivots: (S1) 1.0674; (P) 1.0736; (R1) 1.0772; More…
EUR/USD’s fall from 1.1138 is in progress and intraday bias remains on the downside. Current development argues that whole rise from 1.0447 has already finished. Deeper decline would be seen back to this 1.0447 support. On the upside, break of 1.0804 resistance is needed to signal short term bottoming. Otherwise, outlook will remain bearish in case of recovery.
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 possibly below.
