Daily Pivots: (S1) 1.0468; (P) 1.0523; (R1) 1.0558; More…
Intraday bias in EUR/USD stays on the downside at this point, as fall from 1.1274 is in progress. Break of the near term falling channel indicates downside acceleration. Next target is 1.0199 fibonacci level. On the upside, above 1.0573 minor resistance will turn intraday bias neutral and bring consolidations. But outlook will stay bearish as long as 1.0764 support turned resistance holds.
In the bigger picture, fall from 1.1274 medium term top could still be a correction to rise from 0.9534 (2022 low). But chance of a complete trend reversal is rising. In either case, firm break of 1.0515 support will target 61.8% retracement of 0.9534 to 1.1274 at 1.0199. For now, risk will stay on the downside as long as 55 D EMA (now at 1.0786) holds, in case of rebound.
