Daily Pivots: (S1) 1.1050; (P) 1.1086; (R1) 1.1144; More…
Intraday bias in EUR/USD is turned neutral first with current retreat, and some consolidations could be seen. For now, further rally is expected as long as 1.0929 support holds. Break of 1.1138 temporary top will resume the rise from 1.0447 to retest 1.1274 high. Strong resistance should be seen from there to limit upside, at least on first attempt. Meanwhile, break of 1.0929 will indicate short term topping and turn bias back to the downside for 1.0772 support.
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 seen as the second leg. While further rally could cannot be ruled out, upside should be limited by 1.1274 to bring the third leg of the pattern. Meanwhile, sustained break of 1.0722 support will argue that the third leg has already started for 1.0447 and below.
