Daily Pivots: (S1) 1.1580; (P) 1.1604; (R1) 1.1622; More….
Intraday bias in EUR/USD remains mildly on the downside at this point. Fall from 1.1807 is seen as the third leg of the corrective pattern from 1.1917. Deeper decline would be seen to 1.1467 and below. For now, risk will stay on the downside as long as 1.1698 resistance hods, in case of recovery.
In the bigger picture, as long as 55 W EMA (now at 1.1413) 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.
