EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.0850; (P) 1.0872; (R1) 1.0890; More

EUR/USD is staying in consolidation below 1.0894 and intraday bias stays neutral at this point. Further rally is expected as long as 1.0765 support holds. Break of 1.0894 will resume the rise from 1.0601 to 1.0980 resistance. Decisive break there will confirm that whole fall from 1.1138 has completed already.

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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