EUR/USD Daily Outlook

Daily Pivots: (S1) 1.0709; (P) 1.0763; (R1) 1.0793; More….

EUR/USD’s break of 1.0718 support revives that case that rise from 1.0601 has completed at 1.0915. Fall from there is seen as another leg inside the corrective pattern from 1.1274 high. Intraday bias is back on the downside for 1.0601 support first. Firm break there will target 1.0447 next.

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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