EUR/USD Mid-Day Outlook – Action Forex

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Daily Pivots: (S1) 1.0960; (P) 1.0986; (R1) 1.1038; More

EUR/USD’s rally from 1.0447 resumed by breaking through 1.1016 resistance. Intraday bias is back on the upside. Further rally should be seen to retest 1.1274 high. Strong resistance should be seen from there to limit upside, at least on first attempt. On the downside, below 1.0929 minor support will turn intraday bias neutral first. But further rally will remain in favor as long as 1.0722 support holds, in case of retreat.

In the bigger picture, price actions from 1.1274 are viewed as a corrective pattern to rise from 0.9534 (2022 low). Rise from 1.0447 is seen as the second leg. While further rally could cannot be ruled out, upside should be limited by 1.1274 to bring the third leg of the pattern. Meanwhile, sustained break of 1.0722 support will argue that the third leg has already started for 1.0447 and below.

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