Daily Pivots: (S1) 1.0802; (P) 1.0826; (R1) 1.0849; More…..
EUR/USD’s fall from 1.0947 resumed by breaking through 1.0797 temporary low and intraday bias is back on the downside. Current development suggest that rebound from 1.0601 has completed with three waves up to 1.0947. Deeper decline should be seen to 1.0665 support next. For now, risk will stay on the downside as long as 1.0869 resistance holds, in case of recovery.
In the bigger picture, price actions from 1.1274 are viewed as a corrective pattern that’s still be in progress. Break of 1.1138 resistance will be the first signal that rise from 0.9534 (2022 low) is ready to resume through 1.1274 (2023 high). However, break of 1.0665 support will extend the correction with another falling leg back towards 1.0447 support.
