Daily Pivots: (S1) 1.0933; (P) 1.0972; (R1) 1.0995; More…
EUR/USD’s break of 1.0891 support suggests short term topping at 1.1011, on bearish divergence condition in 4H MACD. Fall from 1.1011 is seen as the third leg of the corrective pattern from 1.1094. Intraday bias is back on the downside for 55 D EMA (now at 1.0838). Firm break there will target 1.0634 support and below. Nevertheless, rebound from current level, followed by break of 1.1011 will target a test on 1.1094 high instead.
In the bigger picture, as long as 1.0515 support holds, rise from 0.9534 (2022 low) would still extend higher. Sustained break of 61.8% retracement of 1.2348 (2021 high) to 0.9534 at 1.1273 will solidify the case of bullish trend reversal and target 1.2348 resistance next (2021 high).
. Firm break there will target 1.0634 support and below. Nevertheless, rebound from current level, followed by break of 1.1011 will target a test on 1.1094 high instead.){kind=link}