Daily Pivots: (S1) 1.1207; (P) 1.1226; (R1) 1.1248; More…
Intraday bias in EUR/USD stays on the upside despite some loss of momentum. Further rally would be seen to 1.1273 fibonacci level. Firm break there will target 161.8% projection of 1.0634 to 1.1011 from 1.0832 at 1.1442 next. On the downside, below 1.1186 minor support will turn intraday bias neutral and bring consolidations first, before staging another rally.
In the bigger picture, as rise from 0.9534 extends, focus is now on 61.8% retracement of 1.2348 (2021 high) to 0.9534 at 1.1273. Sustained break there will solidify the case of bullish trend reversal and target 1.2348 resistance next. Meanwhile, outlook will continue to stay bullish as long as 1.0832 support holds, even in case of deep pull back.
