Daily Pivots: (S1) 1.0894; (P) 1.0922; (R1) 1.0975; More…
EUR/USD’s rally continues in early US session and intraday bias stays on the upside. Current rise from 1.0694 should target a retest on 1.1138 resistance next. On the downside, below 1.0867 minor support will turn intraday bias neutral and bring consolidations first.
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 1.0694 support will argue that the third leg has already started for 1.0447 and possibly below.
