Daily Pivots: (S1) 1.1842; (P) 1.1874; (R1) 1.1914; More….
Intraday bias in EUR/USD stays on the upside as current rally should target a test on 1.1917 key resistance. Firm break there will resume larger up trend to 1.2000 key psychological resistance. On the downside, below 1.1812 minor support will mix up the outlook and turn intraday bias neutral again.
In the bigger picture, as long as 55 W EMA (now at 1.1443) holds, up trend from 0.9534 (2022 low) is still in favor to continue. Decisive break of 1.2 key psychological level will add to the case of long term bullish trend reversal. Next medium term target will be 138.2% projection of 0.9534 to 1.1274 from 1.0176 at 1.25841. 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.
