Daily Pivots: (S1) 1.1539; (P) 1.1564; (R1) 1.1599; More…
EUR/USD’s rebound from 1.1390 resumed after brief consolidations and intraday bias is back on the upside. Current development affirms that case that fall from 1.1829 has completed as a three-wave correction. Further rally should be seen to retest 1.1788/1820 resistance zone. On the downside, however, break of 1.1526 minor support will dampen this view and bring retest of 1.1390 instead.
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.
