Daily Pivots: (S1) 1.0981; (P) 1.1004; (R1) 1.1031; More…
EUR/USD’s rally continues today and intraday bias stays on the upside. Current rally from 1.0634 is on track to retest 1.1094 high. Decisive break there will resume larger up trend from 0.9534 to 1.1273 fibonacci level. On the downside, below 1.0976 minor support will turn intraday bias neutral first. But further rally will remain in favor as long as 1.0834 support holds.
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).
