Daily Pivots: (S1) 1.0749; (P) 1.0801; (R1) 1.0837; More…
EUR/USD’s rally from 1.0176 resumed after brief retreat, and intraday bias is back on the upside for 161.8% projection of 1.0176 to 1.0531 from 1.0358 at 1.0932 next. On the downside, below 1.0764 minor support will turn bias neutral and bring consolidations. But downside of retreat should be contained above 55 4H EMA (now at 1.0613) to bring another rally.
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.
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