Daily Pivots: (S1) 1.0889; (P) 1.0999; (R1) 1.1072; More…
EUR/USD is extending consolidations below 1.1145 and intraday bias remains neutral. Downside of retreat should be contained by 38.2% retracement of 1.0176 to 1.1145 at 1.0775 to bring rebound. On the upside, above 1.1145 will resume the rally from 1.0176 to 1.1213/74 key resistance zone next.
In the bigger picture, fall from 1.1274 (2024 high) has completed as a three wave correction to 1.0176. Rise from 0.9534 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 the multi-decade channel resistance will carries larger bullish implication. This will now be the favored case as long as 1.0731 support holds.
