Daily Pivots: (S1) 1.1475; (P) 1.1487; (R1) 1.1504; More…
Intraday bias in EUR/USD is turned neutral with current recovery, and some consolidations would be seen above 1.1467 temporary low. Further decline is expected as long as 1.1727 resistance holds. Below 1.1467 will extend the fall from 1.1917 to 100% projection of 1.1917 to 1.1540 from 1.1727 at 1.1350. Decisive break there would prompt downside acceleration to 38.2% retracement of 1.0176 to 1.1917 at 1.1252.
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 1.1306) 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.
