Daily Pivots: (S1) 1.1566; (P) 1.1587; (R1) 1.1603; More…
No change in EUR/USD’s outlook and intraday bias stays neutral. On the upside, above 1.1655 will affirm the case that fall from 1.1917 has completed as a correction at 1.1467. Bias will be back on the upside for 1.1727 resistance first. However, break of 1.1561 will revive near term bearishness and target 1.1467 low instead.
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 1.1328) holds, the up trend from 0.9534 (2022 low) is still in favor 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 bearish.
