Daily Pivots: (S1) 1.1080; (P) 1.1135; (R1) 1.1172; More….
Intraday bias in EUR/USD stays mildly on the upside at this point. Decisive break of 1.1200 will resume larger rally from 1.0665 to 1.1274 high next. On the downside, however, break of 1.1072 will turn bias back to the downside for 1.1001 support instead.
In the bigger picture, prior break of 1.1138 resistance indicates that corrective pattern from 1.1274 might have completed at 1.0665 already. Decisive break of 1.1274 (2023 high) will confirm whole up trend from 0.9534 (2022 low). Next target will be 61.8% projection of 0.9534 to 1.1274 from 1.0665 at 1.1740. This will now be the favored case as long as 1.0947 resistance turned support holds.
