Daily Pivots: (S1) 1.0273; (P) 1.0291; (R1) 1.0328; More…
EUR/USD’s recovery from 1.0223 extends higher today but stays below 1.0457 resistance. Intraday bias remains neutral first, and further decline is in favor. Below 1.0223 will resume the fall from 1.1213 to 61.8% projection of 1.1213 to 1.0330 from 1.0629 at 1.0083. Nevertheless, firm break of 1.0457 will bring stronger rise back to 1.0629 structural resistance next.
In the bigger picture, fall from 1.1274 (2023 high) should either be the second leg of the corrective pattern from 0.9534 (2022 low), or another down leg of the long term down trend. In both cases, sustained break of 61.8 retracement of 0.9534 to 1.1274 at 1.0199 will pave the way back to 0.9534. For now, outlook will stay bearish as long as 1.0629 resistance holds, even in case of strong rebound.
