Daily Pivots: (S1) 1.0855; (P) 1.1001; (R1) 1.1196; More…
Intraday bias in EUR/USD is turned neutral with current retreat and some consolidations would be seen first. Downside of retreat should be contained above 1.0731 support to bring another rally. Break of 1.1145 temporary top will target 1.1274 key resistance, and probably further to 100% projection of 1.0358 to 1.0953 from 1.0731 at 1.1326.
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.
