Daily Pivots: (S1) 1.0856; (P) 1.0872; (R1) 1.0900; More…
EUR/USD’s rebound from 1.0760 short term bottom continues today and intraday bias stays on the upside for 55 D EMA (now at 1.0945). Strong resistance should be seen there to limit upside. On the downside, below 1.0843 minor support will turn intraday bias back to the downside. Sustained break of 61.8% retracement of 1.0447 to 1.1213 at 1.0740 will extend the fall from 1.1213 to 1.0601 support next.
In the bigger picture, price actions from 1.1274 (2023 high) are seen as a consolidation pattern to up trend from 0.9534 (2022 low), with fall from 1.1213 as the third leg. Downside should be contained by 50% retracement of 0.9534 (2022 low) to 1.1274 at 1.0404, to bring up trend resumption at a later stage.
. Strong resistance should be seen there to limit upside. On the downside, below 1.0843 minor support will turn intraday bias back to the downside. Sustained break of 61.8% retracement of 1.0447 to 1.1213 at 1.0740 will extend the fall from 1.1213 to 1.0601 support next.){kind=link}