EUR/USD Daily Analysis
Range trading continues in EUR/USD, and intraday bias stays neutral. On the downside, the break of 1.0442 support will indicate rejection by 1.0609 Fibonacci level. Bias will be back on the downside for 1.0222 support and below. However, a firm break of the 1.0594/0609 resistance zone will carry a larger bullish implication. The next near-term target is a 61.8% projection of 0.9729 to 1.0481 from 1.0222 at 1.0687 and then a 100% projection at 1.0974.
The bigger picture focuses now 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.
