Daily Pivots: (S1) 1.0662; (P) 1.0729; (R1) 1.0857; More…
EUR/USD’s rally from 1.0176 is still in progress. Intraday bias stays on the upside for 161.8% projection of 1.0176 to 1.0531 from 1.0358 at 1.0932 On the downside, below 1.0763 minor support will turn intraday bias neutral and bring consolidations first. Downside should be contained well above 1.0531 resistance turned support to bring another rise.
In the bigger picture, the strong break of 55 W EMA (now at 1.0668) suggests that fall from 1.1274 (2024 high) has completed as a three wave correction to 1.0176. That came after drawing support from 0.9534 (2022 low) to 1.1274 at 1.0199. Rise from 0.9534 is still intact, and might be ready to resume through 1.1274. This will now be the favored case as long as 1.0531 resistance turned support holds.
