Daily Pivots: (S1) 1.0908; (P) 1.0930; (R1) 1.0962; More…
EUR/USD is losing some upside momentum as seen in 4H MACD, but there is no clear sign of topping yet. Sustained break of 61.8% retracement of 1.1274 to 1.0447 at 1.0958 will pave the way to retest 1.1274 high. On the downside, below 1.0894 minor support will turn bias to the downside for deeper retreat.
In the bigger picture, price actions from 1.1274 are viewed as a corrective pattern to rise from 0.9534 (2022 low). Rise from 1.0447 is tentatively seen as the second leg. Hence while further rally could be seen, upside should be limited by 1.1274 to bring the third leg of the pattern.
