Daily Pivots: (S1) 1.1752; (P) 1.1814; (R1) 1.1851; More….
Intraday bias in EUR/USD remains mildly on the downside at this point. Fall from 1.2081 short term top would target 55 D EMA (now at 1.1721). Firm break there will raise the chance of reversal on rejection by 1.2 psychological level, and target 1.1576 support. On the upside, above 1.1893 minor resistance will turn bias neutral. Decisive break above 1.2 will carry larger bullish implications.
In the bigger picture, as long as 55 W EMA (now at 1.1458) 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 1.2581. 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.
. Firm break there will raise the chance of reversal on rejection by 1.2 psychological level, and target 1.1576 support. On the upside, above 1.1893 minor resistance will turn bias neutral. Decisive break above 1.2 will carry larger bullish implications.){kind=link}