Daily Pivots: (S1) 1.1667; (P) 1.1705; (R1) 1.1726; More….
Intraday bias in EUR/USD remains neutral at this point. Rise from 1.1467 could still be in progress. Firm break of 1.1807 resistance will resume the rally to retest 1.1917 high. However, break of 1.1658 support will target 1.1467, as corrective pattern from 1.1917 has started the third leg.
In the bigger picture, as long as 55 W EMA (now at 1.1408) holds, up trend from 0.9534 (2022 low) is still in favor to continue. Decisive break of 1.2 key psychological level will carry larger bullish implication. 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.
