Daily Pivots: (S1) 1.1603; (P) 1.1637; (R1) 1.1658; More….
Intraday bias in EUR/USD remains on the downside as fall from 1.1848 is in progress. As noted before, rebound from 1.1408 could have completed as a corrective three-wave move. Deeper fall should be seen to retest 1.1408 low. Firm break there resume the whole fall from 1.2081. On the upside, above 1.1654 minor resistance will turn intraday bias neutral first.
In the bigger picture, the strong support from 38.2% retracement of 1.0176 to 1.2081 at 1.1353 suggests that the pullback from 1.2081 is more likely a corrective move. Strong support was also found in 55 W EMA (now at 1.1542). Focus is back on 1.2 key cluster resistance level. Decisive break there will carry long term bullish implications. Nevertheless, break of 1.1408 support will revive the case of medium term bearish trend reversal.
