Daily Pivots: (S1) 1.0365; (P) 1.0430; (R1) 1.0462; More…
EUR/USD’s break of 1.0400 support suggests that consolidation from 1.0176 has already completed at 1.0527, ahead of 38.2% retracement of 1.1213 to 1.0176 at 1.0572. Intraday bias is back on the downside for retesting 1.0176/0210 support zone. Firm break there will resume whole decline from 1.1213. For now, risk will stay on the downside as long as 1.0527 holds, in case of recovery.
In the bigger picture, immediate focus is on 61.8 retracement of 0.9534 (2022 low) to 1.1274 (2024 high) at 1.0199. Sustained break there will solidify the case of medium term bearish trend reversal, and pave the way back to 0.9534. However, reversal from 1.0199 will argue that price actions from 1.1274 are merely a corrective pattern, and has already completed.
