Daily Pivots: (S1) 1.0947; (P) 1.0982; (R1) 1.1004; More…
While EUR/USD’s pull back from 1.1016 extends lower today, it’s holding well above 1.0851 support. Intraday bias remains neutral first, and further rally is still expected. On the upside, firm break of 1.1016 will resume the rise from 1.0447 to 1.1274 resistance next. But strong resistance should be seen there to limit upside. However, sustained break of 1.0851 will confirm short term topping, and turn bias back to the downside for deeper fall.
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.
