Daily Pivots: (S1) 1.0550; (P) 1.0571; (R1) 1.0603; More…
Intraday bias in EUR/USD stays neutral for the moment. Another decline cannot be ruled out with 1.0693 resistance intact. But strong support could be seen from 38.2% retracement of 0.9534 to 1.1032 at 1.0463 to bring reversal. Break of 1.0693 resistance will argue that pull back from 1.1032 has completed, and turn bias back to the upside for 1.0803 resistance and above. However, sustained break of 1.0463 will carry larger bearish implications.
In the bigger picture, as long as 1.0482 support holds, rise from 0.9534 (2022 low) should continue to 61.8% retracement of 1.2348 (2021 high) to 0.9534 at 1.1273. However, sustained break of 1.0482 will bring deeper fall to 61.8% retracement of 0.9534 to 1.1032 at 1.0106, even as a corrective pull back.
