Daily Pivots: (S1) 1.1600; (P) 1.1625; (R1) 1.1670; More….
EUR/USD’s solid break of 1.1698 resistance indicates that fall from 1.1807 has completed at 1.1576. Intraday bias is back on the upside for 1.1807 first. Break there will target a test on 1.1917 key resistance level. For now, risk will stay on the upside as long as 55 4H EMA (now at 1.1652) holds, in case of retreat.
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.
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