Daily Pivots: (S1) 1.1630; (P) 1.1650; (R1) 1.1669; More…
Intraday bias in EUR/USD is back on the upside with breach of 1.1741 resistance. Further rise should be seen to retest 1.1829 high. Firm break there will resume larger up trend and target 1.1916 projection level. Further rally is now expected as long as 1.1607 support holds, in case of retreat.
In the bigger picture, rise from 0.9534 (2022 low) 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.
