Daily Pivots: (S1) 1.1391; (P) 1.1426; (R1) 1.1449; More…
Intraday bias in EURUSD is turned neutral first with current strong rebound. Immediate focus is now on 1.1555 support turned resistance. Sustained break there will argue that near term corrective pattern from 1.1829 has already completed with three waves down to 1.1390. Further rise should then be seen to 1.1788/1829 resistance zone. On the downside, though, break of 1.1390 will extend the correction to 38.2% retracement of 1.0176 to 1.1829 at 1.1198.
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.
