Daily Pivots: (S1) 1.0780; (P) 1.0821; (R1) 1.0842; More….
EUR/USD recovered after dipping to 1.0788 and intraday bias is turned neutral first. On the upside, firm break of 1.0894 will resume the rise from 1.0601 towards 1.0980 resistance next. However, sustained trading below 38.2% retracement of 1.0601 to 1.0894 at 1.0782 will argue that rebound from 1.0601 has completed. Deeper fall would be seen to 61.8% retracement at 1.0713.
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.
