Daily Pivots: (S1) 1.0911; (P) 1.0946; (R1) 1.0974; More…
Intraday bias is EUR/USD remains on the upside at this point. Fall from 1.1138 could have completed at 1.0694, as a correction to rise from 1.0447. Further rally would be seen to retest 1.1138 next. On the downside, below 1.0867 minor support will turn intraday bias neutral and bring consolidations.
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 1.0694 support will argue that the third leg has already started for 1.0447 and possibly below.
