EUR/USD Daily Analysis
Intraday bias in EUR/USD remains neutral as consolidation from 1.0481 is extending. As long as 1.0092 resistance turned support holds, further, the rally is expected. On the upside, the break of 1.0481 will resume the rise from 0.9534 and target the 1.0609 Fibonacci level. However, a sustained break of 1.0092 will argue that the rebound from 0.9534 has been completed, and turn bias back to the downside.
In the bigger picture, a medium-term bottom was in place at 0.9534, on a bullish convergence condition in daily MACD. Even as a corrective rise, a rally from 0.9534 should target a 38.2% retracement of 1.2348 (2021 high) to 0.9534 at 1.0609. Sustained trading above 55-week EMA (now at 1.0566) will raise the chance of trend reversal and target a 61.8% retracement at 1.1273. This will now remain the favored case as long as 1.0092 resistance turned support holds.
