Daily Pivots: (S1) 1.0760; (P) 1.0783; (R1) 1.0806; More…
Further decline is expected in EUR/USD despite loss of downside momentum as seen in 4H MACD. Firm break of 61.8% retracement of 1.0447 to 1.1213 at 1.0740 will extend the fall from 1.1213 to 1.0601 support next. Nevertheless, break of 1.0871 will indicate short term bottoming, and turn bias back to the upside for stronger rebound.
In the bigger picture, price actions from 1.1274 (2023 high) are seen as a consolidation pattern to up trend from 0.9534 (2022 low), with fall from 1.1213 as the third leg. Downside should be contained by 50% retracement of 0.9534 (2022 low) to 1.1274 at 1.0404, to bring up trend resumption at a later stage.
