Daily Pivots: (S1) 1.0281; (P) 1.0302; (R1) 1.0321; More…
EUR/USD recovered after brief breach of 1.0223 support and intraday bias remains neutral. With 1.0457 resistance intact, outlook stay bearish. On the downside, firm break of 1.0223 will resume the fall from 1.1213. However, sustained break of 1.0457 will confirm short term bottoming, and turn bias to the upside for 55 D EMA (now at 1.0533).
In the bigger picture, fall from 1.1274 (2023 high) should either be the second leg of the corrective pattern from 0.9534 (2022 low), or another down leg of the long term down trend. In both cases, sustained break of 61.8 retracement of 0.9534 to 1.1274 at 1.0199 will pave the way back to 0.9534. For now, outlook will stay bearish as long as 1.0629 resistance holds, even in case of strong rebound.
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