Daily Pivots: (S1) 1.1529; (P) 1.1583; (R1) 1.1619; More…
EUR/USD’s break of 1.1540 support confirms resumption of the fall from 1.1917. Intraday bias is now on the downside for 1.1390 support. Break there will extend the decline to 38.2% retracement of 1.0176 to 1.1917 at 1.1252. on the upside, above 1.1576 minor resistance will turn bias neutral and bring consolidations first, before staging another fall.
In the bigger picture, considering bearish divergence condition in D MACD, a medium term top is likely in place at 1.1917, just ahead of 1.2 key psychological level. As long as 55 W EMA (now at 1.1301) holds, the up trend from 0.9534 (2022 low) is still expected to continue. Decisive break of 1.2000 will carry larger bullish implications. However, sustained trading below 55 W EMA will argue that rise from 0.9534 has completed as a three wave corrective bounce, and keep outlook bearish.
