Daily Pivots: (S1) 1.0644; (P) 1.0699; (R1) 1.0731; More…
EUR/USD’s decline from 1.1032 resumed by breaking 1.0668. Intraday bias is back on the downside for 38.2% retracement of 0.9534 to 1.1032 at 1.0463. Strong support should be seen around there to bring rebound, at least on first attempt. On the upside, above 1.0790 minor resistance will turn bias back to the upside for retesting 1.1032 high instead.
In the bigger picture, the rally from 0.9534 low (2022 low) is a medium term up trend rather than a correction. Further rise is in favor to 61.8% retracement of 1.2348 (2021 high) to 0.9534 at 1.1273 next. This will remain the favored case as long as 1.0482 support holds.
