Daily Pivots: (S1) 1.0833; (P) 1.0847; (R1) 1.0874; More…
Intraday bias in EUR/USD is back on the upside with break of 1.0875 resistance. Rise from 1.0723 would now target 1.0941 resistance first. On the downside, though, below 1.0848 minor support will turn intraday bias neutral gain.
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.
