Daily Pivots: (S1) 1.0920; (P) 1.0941; (R1) 1.0971; More…
Intraday bias in EUR/USD is turned neutral first with current recovery. Break of 1.1046 minor resistance will argue that pull back from 1.1274 has completed at 1.0911. Intraday bias will be back on the upside for retesting 1.1274. On the downside, break of 1.0911 will resume the decline to 1.0832 support. Sustained trading below there will target 1.0609/34 cluster support.
In the bigger picture, a medium term top could be formed at 1.1274, after failing to break through 61.8% retracement of 1.2348 (2021 high) to 0.9534 at 1.1273 decisively, on bearish divergence condition in D MACD. Sustained trading below 55 D EMA (now at 1.0963) will bring deeper correction to 1.0634 cluster support (38.2% retracement of 0.9534 to 1.1274 at 1.0609). Strong support could be seen there, at least on first attempt, to set the range for consolidation.
