Daily Pivots: (S1) 1.0825; (P) 1.0848; (R1) 1.0867; More…..
Intraday bias in EUR/USD is turned neutral with current recovery. Deeper fall is in favor as long as 1.0896 minor resistance holds. Below 1.0825 will target 55 D EMA (now at 1.0813). Sustained break there will argue that whole rebound from 1.0601 has completed with three waves up to 1.0947, and target 1.0601/0665 support zone. Nevertheless, break of 1.0896 will bring retest of 1.0947 resistance instead.
In the bigger picture, price actions from 1.1274 are viewed as a corrective pattern that’s still be in progress. Break of 1.1138 resistance will be the first signal that rise from 0.9534 (2022 low) is ready to resume through 1.1274 (2023 high). However, break of 1.0665 support will extend the correction with another falling leg back towards 1.0447 support.
. Sustained break there will argue that whole rebound from 1.0601 has completed with three waves up to 1.0947, and target 1.0601/0665 support zone. Nevertheless, break of 1.0896 will bring retest of 1.0947 resistance instead.){kind=link}