Daily Pivots: (S1) 1.1633; (P) 1.1648; (R1) 1.1659; More….
EUR/USD’s fall from 1.1807 resumed by breaking through 1.1617 temporary low and intraday bias is back on the downside. Current development revived the case that corrective pattern from 1.1917 is already in its third leg. Deeper fall would be seen to 1.1467 support and below. Risk will now stay on the downside as long as 1.1698 resistance holds, in case of recovery.
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.
