Daily Pivots: (S1) 1.0785; (P) 1.0855; (R1) 1.0929; More…
EUR/USD’s rally accelerates to as high as 1.1145 so far, and met 61.8% projection of 1.0358 to 1.0953 from 1.0731 at 1.1099 already. Intraday bias stays on the upside. Sustained trading above 1.1099 will pave the way 1.1274 key resistance, and probably further to o 100% projection at 1.1326. On the downside, below 1.1002 minor support will turn intraday bias neutral and bring consolidations, before staging another rise.
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 1.0731 support holds.
