EUR/USD Daily Outlook

Daily Pivots: (S1) 1.0783; (P) 1.0804; (R1) 1.0842; More

EUR/USD’s rise from 1.0601 resumed by breaking through 1.0810 and intraday bias is back on the upside. Further rise should be seen to 1.0885 resistance next. For now, further ally is expected as long as 1.0765 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.

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