Daily Pivots: (S1) 1.0821; (P) 1.0849; (R1) 1.0866; More…
Intraday bias in EUR/USD is back on the downside with break of 55 4H EMA (now at 1.0814). Deeper fall would be seen to retest 1.0694/0723 support zone On the upside, break of 1.0875 will resume the rebound from 1.0723 towards 1.0980 resistance instead.
In the bigger picture, price actions from 1.1274 are viewed as a corrective pattern to rise from 0.9534 (2022 low). Rise from 1.0447 is seen as the second leg. While further rally could cannot be ruled out, upside should be limited by 1.1274 to bring the third leg of the pattern. Meanwhile, sustained break of 1.0694 support will argue that the third leg has already started for 1.0447 and possibly below.
