Daily Pivots: (S1) 1.0645; (P) 1.0683; (R1) 1.0712; More…
EUR/USD’s corrective fall from 1.1032 resumed by breaking through 1.0654. Intraday bias is back on the downside for 38.2% retracement of 0.9534 to 1.1032 at 1.0463. Strong support should be seen around there to bring rebound, at least on first attempt. But break of 1.0803 is need to indicate completion of the correction. Otherwise, risk will stay on the downside in case of recovery.
In the bigger picture, 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.
