Daily Pivots: (S1) 1.0947; (P) 1.0982; (R1) 1.1004; More…
Intraday bias in EUR/USD is turned neutral with current retreat, and some consolidations would be seen first. But further rally is expected as long as 1.0851 support holds. Above 1.1016 will resume the rise from 1.0447 to 1.1274 resistance next. But strong resistance should be seen there to limit upside.
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.
