EUR/USD Daily Analysis
Range trading continues in EUR/USD, and intraday bias remains neutral. On the downside, the break of 1.0481 will confirm a short-term topping on bearish divergence condition in a 4-hour MACD. A deeper fall would be seen back to 1.0289 support and below. On the upside, however, a firm break of 61.8% projection of 0.9729 to 1.0481 from 1.0289 at 1.0754 will pave the way to a 100% projection at 1.1041.
In the bigger picture, the focus stays on a 38.2% retracement of 1.2348 (2021 high) to 0.9534 at 1.0609. Rejection by 1.0609 will suggest that price actions from 0.9534 medium-term bottom are developing into a corrective pattern. Thus, medium bearishness is retained for another fall through 0.9534 at a later stage. However, a sustained break of 1.0609 will raise the chance of trend reversal and target a 61.8% retracement at 1.1273.
