Daily Pivots: (S1) 1.0784; (P) 1.0826; (R1) 1.0850; More…
Intraday bias in EUR/USD stays on the downside at this point. Rebound from 1.0694 should have completed at 1.0980. Deeper fall would be seen to retest this low first. Break there will resume the decline from 1.1138 and target 100% projection of 1.1138 to 1.0694 from 1.0980 at 1.0536. On the upside, above 1.0867 minor resistance will turn intraday bias neutral first. But risk will stay on the downside as long as 1.0941 resistance holds.
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.
