Daily Pivots: (S1) 1.0809; (P) 1.0870; (R1) 1.0907; More…
EUR/USD’s fall from 1.1274 resumes today by breaking 1.0832 support. Intraday bias is back on the downside for 1.0609/34 cluster support next. For now, break of 1.0929 resistance is needed to indicate short term bottoming. Otherwise, outlook will stay mildly bearish in case of recovery.
In the bigger picture, a medium term top should 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. Fall from there is seen as a correction to the uptrend from 0.9534 (2022 low). Deeper decline would be seen 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. Yet, medium term outlook will be neutral for now, as long as 1.1274 resistance holds.
