Daily Pivots: (S1) 1.1548; (P) 1.1594; (R1) 1.1681; More….
EUR/USD’s recovery from 1.1506 continues today, but stays well below 1.1740 support turned resistance. Intraday bias remains neutral, and further decline is still expected. Break of 1.1506 will resume the fall from 1.2081 and target 38.2% retracement of 1.0176 to 1.2081 at 1.1353 next.
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.
