Daily Pivots: (S1) 1.1593; (P) 1.1631; (R1) 1.1697; More…
Intraday bias in EUR/USD remains on the upside for the moment. Correction from 1.1829 should have completed with three waves down to 1.1390. 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.
