EUR/USD Daily Outlook

Daily Pivots: (S1) 1.0842; (P) 1.0863; (R1) 1.0879; More

EUR/USD retreated after edging higher to 1.0884 and intraday bias is turned neutral again. Further rise would be mildly in favor as long as 1.0790 minor support holds. Above 1.0884 will resume the rebound form 1.0723 to 1.0941 resistance first. However, break of 1.0790 will turn bias back to the downside for 1.0723 instead.

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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