Daily Pivots: (S1) 1.0938; (P) 1.0969; (R1) 1.1024; More…..
EUR/USD’s break of 1.0944 minor resistance suggests that pull back from 1.1007 has completed at 1.0880 already. Intraday bias is back on the upside for 1.1007. Firm break there will resume larger rise from 1.0665. Next target is 100% projection of 1.0665 to 1.0947 from 1.0776 at 1.1056. For now, outlook will stay bullish as long as 1.0880 support holds, in case of retreat.
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 1.0776 support will extend the correction with another falling leg back towards 1.0447 support.
