Daily Pivots: (S1) 1.0908; (P) 1.0930; (R1) 1.0962; More…
EUR/USD’s rally from 1.0447 is in progress and intraday bias stays on the upside. Sustained break of 61.8% retracement of 1.1274 to 1.0447 at 1.0958 will pave the way to retest 1.1274 high. On the downside, break of 1.0823 support is needed to indicate short term topping. Otherwise, further rally is in favor in case of retreat.
In the bigger picture, price actions from 1.1274 are viewed as a corrective pattern to rise from 0.9534 (2022 low). Rise from 1.0447 is tentatively seen as the second leg. Hence while further rally could be seen, upside should be limited by 1.1274 to bring the third leg of the pattern.
