Daily Pivots: (S1) 1.0810; (P) 1.0851; (R1) 1.0920; More…
EUR/USD’s recovery from 1.0764 extends higher today but stays below 1.0929 resistance. Intraday bias remains neutral first, and further decline is in favor. On the downside, break of 1.0764 will resume the fall from 1.1274 to 1.0609/34 cluster support next. Nevertheless, firm break of 1.0929 will turn bias back to the upside for 1.1064 resistance instead.
In the bigger picture, fall from 1.1274 medium term top is seen as a correction to up trend 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 bring rebound. Yet, medium term outlook will be neutral for now, as long as 1.1274 resistance holds.
