Daily Pivots: (S1) 1.0614; (P) 1.0671; (R1) 1.0713; More…
EUR/USD’s fall from 1.1213 is in progress and intraday bias stays on the downside. Next target is100% projection of 1.1213 to 1.0760 from 1.0936 at 1.0483. On the upside, above 1.0686 minor resistance will turn intraday bias neutral first. But outlook will stay bearish as long as 1.0760 support turned resistance holds.
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.
