Daily Pivots: (S1) 1.0772; (P) 1.0842; (R1) 1.0926; More…
EUR/USD’s rise from 1.0515 accelerates higher and intraday bias stays on the upside for retesting 1.1032 high. Decisive break there will resume whole up trend from 0.9534 and target 1.1273 fibonacci level next. On the downside, below 1.0787 minor support will turn intraday bias neutral and bring consolidations first, before staging another rally.
In the bigger picture, rise from 0.9534 (2022 low) is in progress with 38.2% retracement of 0.9534 to 1.1032 at 1.0460 intact. The strong support from 55 week EMA (now at 1.0623) was also a medium term bullish sign. Next target is 61.8% retracement of 1.2348 (2021 high) to 0.9534 at 1.1273. Sustained break there will solidity the case of bullish trend reversal and target 1.2348 resistance next (2021 high).
