Daily Pivots: (S1) 1.1590; (P) 1.1623; (R1) 1.1667; More…
Current development suggests that EUR/USD’s fall from 1.1971 has completed as a correction, with three waves down to 1.1467. Intraday bias is mildly on the upside for 1.1727 resistance. Firm break there will solidify this case and bring stronger rally to retest 1.1971 high. On the downside, however, break of 1.1561 minor support will revive near term bullish and target 1.1467 and below.
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 long term outlook outlook bearish.
