Daily Pivots: (S1) 1.0379; (P) 1.0409; (R1) 1.0445; More…
Intraday bias in EUR/USD is back on the upside as rebound from 1.0176 resumed by breaking through 1.0435 resistance. Strong resistance might be seen from 38.2% retracement of 1.1213 to 1.0176 at 1.0572 to limit upside. Break of 1.0371 minor support will bring retest of 1.0176 low. However, sustained break of 1.0572 will raise and chance of reversal, and target 61.8% retracement at 1.0817.
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.
