Daily Pivots: (S1) 1.1346; (P) 1.1459; (R1) 1.1518; More…
Intraday bias in EUR/USD remains on the downside for the moment. Fall from 1.1829, as a correction to rally from 1.0176, is in progress for 38.2% retracement of 1.0176 to 1.1829 at 1.1198. On the upside, above 1.1571 minor resistance will turn intraday bias neutral and bring consolidations first, before staging another decline.
In the bigger picture, rise from 0.9534 long term bottom could be correcting the multi-decade downtrend or the start of a long term up trend. In either case, further rise should be seen to 100% projection of 0.9534 to 1.1274 from 1.0176 at 1.1916. This will remain the favored case as long as 1.1604 support holds.
