Daily Pivots: (S1) 1.0350; (P) 1.0385; (R1) 1.0410; More…
Intraday bias in EURUSD is turned neutral first with current recovery. But outlook is unchanged that consolidation from 1.0176 should have completed at 1.0527. Below 1.0358 will target 1.0176/0210 support zone first. Firm break there will resume whole fall from 1.1213, and carry larger bearish implications. Overall outlook will remain bearish as long as 38.2% retracement of 1.1213 to 1.0176 at 1.0572 holds.
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.
