EUR/USD Daily Analysis
Intraday bias in EUR/USD stays neutral at this point. Considering the bearish divergence condition in 4-hour MACD, the break of 1.0427 minor support will indicate a short-term topping at 1.0594, after rejection by 1.0609 Fibonacci level. Intraday bias will be returned to the downside for 1.0222 support and possibly below.
In the bigger picture, a medium-term bottom was placed 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. However, rejection by 1.0609 will retain medium-term bearishness for down-trend resumption at a later stage.
