EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.0857; (P) 1.0881; (R1) 1.0897; More

Intraday bias in EUR/USD remain son the downside for the moment as fall from 1.0980 is in progress. Sustained trading below 55 D EMA (now at 1.0856) will argue that rebound from 1.0694 has completed and bring retest of this low. On the upside, above 1.0905 minor resistance will turn intraday bias neutral 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.

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