Daily Pivots: (S1) 1.1796; (P) 1.1812; (R1) 1.1834; More….
EUR/USD’s fall from 1.2081 resumed by breaking through 1.1740 temporary low. Intraday bias is back on the downside for 1.1576 structural support. Firm break there should confirm rejection by 1.2 key psychological level and turn near term outlook bearish. For now, risk will stay on the downside as long as 1.1826 resistance holds, in case of recovery.
In the bigger picture, as long as 55 W EMA (now at 1.1494) 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.
