Daily Pivots: (S1) 1.1590; (P) 1.1628; (R1) 1.1650; More….
Intraday bias in EUR/USD remains neutral first, but focus is back on 1.1506 temporary low with today’s decline. Firm break there will resume the fall from 1.2081 and target 38.2% retracement of 1.0176 to 1.2081 at 1.1353 next. Overall, near term outlook will stay cautiously bearish as long as 1.1740 support turned resistance holds.
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.
