Daily Pivots: (S1) 1.1642; (P) 1.1663; (R1) 1.1682; More….
EUR/USD recovers mildly after NFP but overall outlook is unchanged. Intraday bias stays on the downside for the moment. Prior break of 55 D EMA (now at 1.1671) suggests that rebound from 1.1467 has already completed. Overall development indicates that corrective pattern from 1.1917 is already in the third leg. Further decline should be seen to 1.1467 support, and below. On the upside, though, break of 1.1742 will turn bias back to the upside for 1.1807 resistance instead.
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.
 suggests that rebound from 1.1467 has already completed. Overall development indicates that corrective pattern from 1.1917 is already in the third leg. Further decline should be seen to 1.1467 support, and below. On the upside, though, break of 1.1742 will turn bias back to the upside for 1.1807 resistance instead.){kind=link}