Daily Pivots: (S1) 1.0692; (P) 1.0745; (R1) 1.0781; More…
EUR/USD’s decline from 1.1032 short term top extends to 1.0685 so far. Intraday bias stays on the downside to 1.0482 support, which is close to 38.2% retracement of 0.9534 to 1.1032 at 1.0463. On the upside, above 1.0798 minor resistance will turn intraday bias neutral first.
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.
