EUR/USD Mid-Day Forecast
The EUR/USD failed to decisively break through the 1.0790 resistance level, and the intraday bias remains neutral. If 1.0654 is broken, the corrective fall from 1.1032 will resume to the 38.2% retracement of 0.9534 to 1.1032 at 1.0463. Strong support should be seen nearby to bring about a rebound, at least on the first attempt. On the upside, a firm break of 1.0790 minor resistance will shift the bias back to the upside for a retest of the 1.1032 high.
In the grand scheme of things, the rally from the 0.9534 low (2022 low) is a medium-term uptrend rather than a correction. The next target is the 61.8% retracement of the 1.2348 (2021 high) to 0.9534 at 1.1273. As long as 1.0482 support holds, this will remain the preferred scenario.