Daily Pivots: (S1) 1.0689; (P) 1.0710; (R1) 1.0745; More…
EUR/USD’s rebound from 1.0601 resumed by breaking through 1.0752 and intraday bias back on the upside. Strong break of 55 D EMA suggests that fall from 1.0980 has completed with three waves down to 1.0601. Further rally is expected and firm break of 100% projection of 1.0601 to 1.0752 from 1.0648 at 1.0799 will pave the way to 161.8% projection at 1.0892. For now, risk will stay on the upside as long as 1.0648 support holds, in case of retreat.
In the bigger picture, price actions from 1.1274 are viewed as a corrective pattern. Fall from 1.1138 is seen as the third leg and could have completed. Firm break of 1.1138 will argue that larger up trend from 0.9534 (2022 low) is ready to resume through 1.1274 high. On the downside, break of 1.0601 will extend the corrective pattern instead.
