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Daily Pivots: (S1) 1.0772; (P) 1.0789; (R1) 1.0810; More…

Intraday bias in EUR/USD remains on the downside for the moment. Fall from 1.0980 should target 1.0694 support first. Break there will resume the whole decline from 1.1138 and target 100% projection of 1.1138 to 1.0694 from 1.0980 at 1.0536. Nevertheless, break of 1.0863 minor resistance will turn intraday bias neutral again.


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.


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