Daily Pivots: (S1) 1.0843; (P) 1.0855; (R1) 1.0869; More…..
EUR/USD’s fall from 1.0947 resumed by breaking 1.0825 temporary low and intraday bias is back on the downside. Sustained break of 55 D EMA (now at 1.0815) will argue that whole rebound from 1.0601 has completed with three waves up to 1.0947. Deeper decline should then be seen to 1.0601/0665 support zone next. Nevertheless, break of 1.0869 will bring retest of 1.0947 resistance instead.
In the bigger picture, price actions from 1.1274 are viewed as a corrective pattern that’s still be in progress. Break of 1.1138 resistance will be the first signal that rise from 0.9534 (2022 low) is ready to resume through 1.1274 (2023 high). However, break of 1.0665 support will extend the correction with another falling leg back towards 1.0447 support.
