Daily Pivots: (S1) 1.0417; (P) 1.0461; (R1) 1.0532; More…
Intraday bias in EUR/USD is back on the upside with break of 1.0527 resistance. Immediate focus is now on 38.2% retracement of 1.1213 to 1.0176 at 1.0572. Sustained break there will raise the chance of near term bullish reversal, and target 61.8% retracement at 1.0817. On the downside, break of 1.0358 support will turn bias back to the downside for retesting 1.0176 low.
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.
