Daily Pivots: (S1) 1.0533; (P) 1.0562; (R1) 1.0615; More…
EUR/USD breached 1.0609 resistance briefly but quickly retreated. Intraday bias remains neutral first. On the upside, firm break of 1.0609 resistance will resume the rebound from 1.0330 to 55 D EMA (now at 1.0729). But strong resistance could be seen there to limit upside. On the downside, break of 1.0330 will resume the fall from 1.1213. Also, sustained trading below 1.0404 key fibonacci level will carry larger bearish implication.
In the bigger picture, immediate focus is now on 50% retracement of 0.9534 (2022 low) to 1.1274 at 1.0404. Strong rebound from this level will keep price actions from 1.1273 (2023 high) as a medium term consolidation pattern only. However, sustained break of 1.0404 will raise the chance that whole up trend from 0.9534 has reversed. That would pave the way to 61.8% retracement at 1.0199 first. Firm break there will target 0.9534 low again.
. But strong resistance could be seen there to limit upside. On the downside, break of 1.0330 will resume the fall from 1.1213. Also, sustained trading below 1.0404 key fibonacci level will carry larger bearish implication.){kind=link}