Daily Pivots: (S1) 1.1563; (P) 1.1594; (R1) 1.1641; More….
Intraday bias in EUR/USD remains on the downside for the moment. Current decline from 1.2081 should target 38.2% retracement of 1.0176 to 1.2081 at 1.1353 next. On the upside, above 1.1653 minor resistance will turn intraday bias neutral again first. But outlook will remain bearish as long as 1.1740 support turned resistance holds, in case of another recovery.
In the bigger picture, a medium term top should be in place at 1.2081 on bearish divergence condition in D MACD. Sustained trading below 55 W EMA (now at 1.1500) should confirm rejection by 1.2 key cluster resistance level. That would also raise the chance that whole up trend from 0.9534 (2022 low) has completed as a three wave corrective bounce too. For now, medium term outlook is neutral at best as long as 1.2081 holds, even in case of rebound.
