Daily Pivots: (S1) 1.0689; (P) 1.0718; (R1) 1.0763; More…
Intraday bias in EUR/USD stays neutral and further decline is expected with 1.0757 minor resistance intact. On the downside, break of 1.0671 will resume the fall from 1.1094 to 1.0515 cluster support, 38.2% retracement of 0.9534 to 1.1094 at 1.0498. On the upside, however, break of 1.0757 resistance will indicate short term bottoming. Stronger rebound would be seen back to 55 D EMA (now at 1.0836).
In the bigger picture, as long as 1.0515 support holds, rise from 0.9534 (2022 low) would still extend higher. Sustained break of 61.8% retracement of 1.2348 (2021 high) to 0.9534 at 1.1273 will solidify the case of bullish trend reversal and target 1.2348 resistance next (2021 high).
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