EUR/USD Daily Analysis
Intraday bias in EUR/USD stays on the upside for the moment. The current rally from 0.9534 should target a 61.8% projection of 0.9729 to 1.0481 from 1.0289 at 1.0754. A firm break could accelerate the upside to a 100% projection at 1.1041. On the downside, the break of 1.0503 support is needed to indicate short-term topping. Or, the outlook will stay bullish in case of retreat.
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.
