EUR/USD Daily Analysis
Intraday bias in EUR/USD remains neutral, and the outlook stays bullish with 1.0481 resistance turned support intact. On the upside, a firm break of 1.0733 will resume the whole rally from 0.9534. Nevertheless, a sustained break of 1.0481 will extend the correction to 1.0289 support and below.
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 develop 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.
