The EUR/USD pair has been showing an upward trend, with the intraday bias still tilted towards the upside as long as the minor support at 1.0932 holds. This current uptrend is seen as a part of the overall increase from 1.0665 and is expected to reach the 100% projection level at 1.1056 after moving from 1.0776 to 1.0947. If the minor support at 1.0932 is breached, the bias may turn neutral and lead to a period of consolidation before another upward move.
Looking at the broader picture, the price movements from 1.1274 are interpreted as a corrective pattern that is still unfolding. A breakthrough of the resistance at 1.1138 will indicate that the uptrend from the 2022 low of 0.9534 is set to resume, targeting the high at 1.1274 in 2023. Conversely, a drop below the support at 1.0776 will extend the corrective phase, potentially leading to another downward movement towards the support level at 1.0447.
It’s important for traders and investors to keep an eye on these key levels and monitor the price action closely to make well-informed trading decisions. By staying informed about the latest analysis and updates on the EUR/USD pair, market participants can better navigate the currency market and capitalize on potential trading opportunities.
