Daily Pivots: (S1) 1.0443; (P) 1.0487; (R1) 1.0510; More…
Break of 1.0471 support suggests that EUR/USD’s corrective recovery from 1.0330 has completed at 1.0629 already. Intraday bias is back on the downside for retesting 1.0330 low first. Firm break there will resume the fall from 1.1213 to 61.8% projection of 1.0936 to 1.0330 from 1.0629 at 1.0254. Also, in this case, sustained trading below 1.0404 key fibonacci level will carry larger bearish implication. For now, risk will stay on the downside as long as 1.0629 resistance holds, in case of recovery.
In the bigger picture, focus stays 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.
