EUR/USD Daily Outlook

Daily Pivots: (S1) 1.0768; (P) 1.0835; (R1) 1.0870; More….

EUR/USD’s steep decline today and strong break of 55 D EMA (now at 1.0810) indicates short term topping at 1.0915. more importantly, rebound from 1.0601 might have completed already, and EUR/USD is now is another falling leg of the corrective pattern from 1.1274. Intraday bias is back on the downside for 1.0601 support next. For now, risk will be mildly on the downside as long as 1.0915 resistance holds, in case of recovery.

In the bigger picture, price actions from 1.1274 are viewed as a corrective pattern, which might still be in progress. Break of 1.0601 will target 1.0447 support and possibly below. Nevertheless, on the upside, firm break of 1.1138 will argue that larger up trend from 0.9534 (2022 low) is ready to resume through 1.1274 high.

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