Daily Pivots: (S1) 1.0637; (P) 1.0687; (R1) 1.1.0739; More…
Intraday bias in EUR/USD is turned neutral again with today’s recovery. Considering bullish convergence condition in 4H MACD, break of 1.0745 minor resistance will indicate short term bottoming at 1.0634. Intraday bias will then be back on the upside for rebound to 55 D EMA (now at 1.0836). Nevertheless, break of 1.0634 will resume the fall from 1.1094 to 1.0515 cluster support, 38.2% retracement of 0.9534 to 1.1094 at 1.0498.
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).
. Nevertheless, break of 1.0634 will resume the fall from 1.1094 to 1.0515 cluster support, 38.2% retracement of 0.9534 to 1.1094 at 1.0498.){kind=link}