Daily Pivots: (S1) 1.0854; (P) 1.0879; (R1) 1.0931; More….
EUR/USD’s rally from 1.0601 resumed by break through 1.0894 resistance. Intraday bias is back on the upside for t .8% projection of 1.0601 to 1.0894 from 1.0788 at 1.0969. For now, risk will stay on the upside as long as 1.0788 support holds, in case of retreat.
In the bigger picture, price actions from 1.1274 are viewed as a corrective pattern. Fall from 1.1138 is seen as the third leg and could have completed. Firm break of 1.1138 will argue that larger up trend from 0.9534 (2022 low) is ready to resume through 1.1274 high. On the downside, break of 1.0788 support will extend the corrective pattern instead.
