Daily Pivots: (S1) 1.1633; (P) 1.1648; (R1) 1.1659; More….
Intraday bias in EUR/USD remains neutral as range trading continues. On the downside, below 1.1617 will resume the fall from 1.1807, and target 1.1467 support. On the upside, above 1.1698 will bring stronger rebound to 1.1807. Overall, price actions from 1.1917 are seen as a corrective pattern that might extend further.
In the bigger picture, as long as 55 W EMA (now at 1.1416) 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.
