Daily Pivots: (S1) 1.0894; (P) 1.0948; (R1) 1.1043; More…
EUR/USD’s up trend resumed by breaking through 1.0928 resistance and intraday bias is back on the upside. Current rally from 0.9534 should target 61.8% projection of 0.9630 to 1.0733 from 1.0482 at 1.1164 next. On the downside, break of 1.0800 support is needed to confirm short term topping. Otherwise, outlook will remain bullish in case of retreat.
In the bigger picture, current development suggests that the rally from 0.9534 low (2022 low) is a medium term up trend rather than a correction. Further rise is in favor to 61.8% retracement of 1.2348 (2021 high) to 0.9534 at 1.1273 next. This will remain the favored case as long as 1.0482 support holds.
