Daily Pivots: (S1) 1.0814; (P) 1.0842; (R1) 1.0885; More…
EUR/USD’s break of 1.0871 resistance confirms short term bottoming at 1.0760, on bullish convergence condition in 4H MACD. Intraday bias is back on the upside for 55 D EMA (now at 1.0945). Strong resistance should be seen there to limit upside. On the downside, sustained break of 61.8% retracement of 1.0447 to 1.1213 at 1.0740 will extend the fall from 1.1213 to 1.0601 support next.
In the bigger picture, price actions from 1.1274 (2023 high) are seen as a consolidation pattern to up trend from 0.9534 (2022 low), with fall from 1.1213 as the third leg. Downside should be contained by 50% retracement of 0.9534 (2022 low) to 1.1274 at 1.0404, to bring up trend resumption at a later stage.
. Strong resistance should be seen there to limit upside. On the downside, sustained break of 61.8% retracement of 1.0447 to 1.1213 at 1.0740 will extend the fall from 1.1213 to 1.0601 support next.){kind=link}