EUR/USD Daily Outlook

Current daily pivots for the EUR/USD currency pair are outlined as follows: (S1) 1.0438; (P) 1.0483; (R1) 1.0513. This information is essential for traders looking to navigate the market effectively.

The intraday bias for the EUR/USD remains neutral at this point. The market outlook remains unchanged, with the movement from the low of 1.0176 appearing to form a corrective pattern. Traders should watch for strong resistance around the 38.2% retracement level, which falls at 1.0572, as this level is expected to limit any upside movements.

If the price moves downward, a break below the 1.0400 support level could indicate a shift in sentiment back to the downside, targeting the support zone between 1.0176 and 1.0210. However, if there is a decisive break above 1.0572, it would increase the likelihood of a trend reversal, with an aim to achieve the 61.8% retracement level at 1.0817.

Looking at the bigger picture, the immediate focus is directed towards the 61.8% retracement level from 0.9534, which is the low from 2022, up to 1.1274, the high from 2024, currently situated at 1.0199. A sustained break below this critical level would confirm a medium-term bearish trend reversal, potentially heading back towards the low of 0.9534. Conversely, if the price rebounds from the 1.0199 level, it could suggest that the corrective pattern started at 1.1274 has already completed.

EUR/USD, Trading, Market