The EUR/USD pair continues to show a downward bias during mid-day trading, with the fall from the short-term top of 1.0947 expected to reach the 55-day Exponential Moving Average (EMA) at 1.0813. A sustained break below this level could indicate that the entire rebound from 1.0601 has finished with three upward waves reaching 1.0947, targeting the support zone of 1.0601/0665.
If the pair manages to break above the minor resistance at 1.0896, the intraday bias could turn neutral temporarily. However, the risk remains tilted to the downside as long as the resistance at 1.0947 holds in case of any potential recovery.
Looking at the bigger picture, the price movements from 1.1274 are seen as part of a corrective pattern that is still unfolding. A breakthrough above the resistance at 1.1138 would be the initial signal that the rise from the 2022 low of 0.9534 is set to resume towards the high of 1.1274 seen in 2023. On the other hand, a break below the support at 1.0665 would lead to further correction with another downward move towards the support level at 1.0447.
It is essential for traders and investors to closely monitor these levels and price movements to make informed decisions on potential entry and exit points in the EUR/USD pair. The current market conditions suggest a bearish sentiment in the short term, but a break above key resistance levels could shift the outlook towards a more positive direction.