Daily Pivots: (S1) 1.1743; (P) 1.1775; (R1) 1.1809; More….
EUR/USD’s fall from 1.2081 is in progress and intraday bias remains on the downside. Sustained trading below 55 D EMA (now at 1.1763) will raise the chance of reversal on rejection by 1.2, and target 1.1576 support for confirmation. On the upside, above 1.1806 minor resistance will turn intraday bias neutral first. But risk will stay mildly on the downside as long as 1.1928 resistance holds, in case of recovery.
In the bigger picture, as long as 55 W EMA (now at 1.1485) 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.
 will raise the chance of reversal on rejection by 1.2, and target 1.1576 support for confirmation. On the upside, above 1.1806 minor resistance will turn intraday bias neutral first. But risk will stay mildly on the downside as long as 1.1928 resistance holds, in case of recovery.){kind=link}