Daily Pivots: (S1) 1.1391; (P) 1.1426; (R1) 1.1449; More…
Intraday bias in EUR/USD remains on the downside at this point. Fall from 1.1829 is seen as a correction to rally from 1.0176. Further decline should be seen to 38.2% retracement of 1.0176 to 1.1829 at 1.1198. On the upside, break of 1.1502 minor resistance will turn intraday bias neutral first.
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.
