Daily Pivots: (S1) 1.0884; (P) 1.0919; (R1) 1.0939; More…
A temporary low is formed at 1.0873 in EUR/USD and intraday bias is turned neutral first. But outlook stays bearish with 1.1064 resistance intact. On the downside, below 1.0873 will target 1.0832 support first. Decisive break there will extend the decline from 1.1274 to 1.0609/34 cluster support.
In the bigger picture, a medium term top could be formed at 1.1274, after failing to break through 61.8% retracement of 1.2348 (2021 high) to 0.9534 at 1.1273 decisively, on bearish divergence condition in D MACD. Sustained trading below 55 D EMA (now at 1.0966) will bring deeper correction to 1.0634 cluster support (38.2% retracement of 0.9534 to 1.1274 at 1.0609). Strong support could be seen there, at least on first attempt, to set the range for consolidation.
