Daily Pivots: (S1) 1.0785; (P) 1.0855; (R1) 1.0929; More…
EUR/USD’s break of 1.0857 resistance suggests that correction from 1.0953 has already completed at 1.0731. Intraday bias is back on the upside. Decisive break of 1.0953 will confirm resumption of whole rally from 1.0176. Next target is 61.8% projection of 1.0358 to 1.0953 from 1.0731 at 1.1099. This will now be the favored case as long as 1.0731 support holds, in case of retreat.
In the bigger picture, prior strong break of 55 W EMA (now at 1.0692) suggests that fall from 1.1274 (2024 high) has completed as a three wave correction to 1.0176. Rise from 0.9534 is still intact, and might be ready to resume. Decisive break of 1.1274 will target 100% projection of 0.9534 to 1.1274 from 1.0176 at 1.1916. Also, that will send EUR/USD through a multi-decade channel resistance will carries larger bullish implication. This will now be the favored case as long as 1.0531 resistance turned support holds.
