EUR/USD Daily Outlook

Daily Pivots: (S1) 1.0715; (P) 1.0745; (R1) 1.0769; More….

Intraday bias in EUR/USD is turned neutral first with 4H MACD crossed above signal line. Further fall is in favor as long as 55 4H EMA (now at 1.0814) holds. Decline from 1.0915 is seen as another falling leg of the corrective pattern from 1.1274. Break of 1.0718 will target 1.0601 support next. Nevertheless, sustained trading above 55 4H EMA will bring stronger rebound back towards 1.0915 resistance.

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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