Daily Pivots: (S1) 1.0667; (P) 1.0738; (R1) 1.0788; More…
EUR/USD’s decline resumed by breaking through 1.0681 temporary low and intraday bias is back on the downside. Sustained trading below 61.8% projection of 1.1213 to 1.0760 from 1.0936 at 1.0656 will extend the fall from 1.1213 to 100% projection at 1.0483. On the upside, above 1.0727 minor resistance will turn intraday bias neutral first. But outlook will stay bearish as long as 1.0936 resistance holds.
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.
