Daily Pivots: (S1) 1.0321; (P) 1.0389; (R1) 1.0429; More…
EUR/USD’s decline from 11213 resumed by breaking through 1.0330 support and intraday bias is back on the downside. Next target is 1.0199 fibonacci level. On the upside, above 1.0457 minor resistance will turn intraday bias neutral again. But outlook will now stay bearish as long as 1.0629 resistance holds.
In the bigger picture, current development suggests that rebound from 0.9534 (2022 low) has already completed at 1.1274 after rejection by 55 M EMA. Deeper fall should be seen to 61.8 retracement of 0.9534 to 1.1274 at 1.0199. Sustained trading below there will pave way back to 0.9534 low. This will now remain the favored case as long as 1.0629 resistance holds.
