Daily Pivots: (S1) 1.1603; (P) 1.1637; (R1) 1.1658; More….
Intraday bias in EUR/USD is turned neutral with current recovery, and some consolidations could be seen above 1.1607 temporary low. Risk will stay on the downside as long as 55 4H EMA (now at 1.1700) holds. Rebound from 1.1408 could have completed as a corrective three-wave move. Break of 1.1607 will bring deeper fall to retest 1.1408 low. However, sustained break of the EMA will dampen this bearish view and bring stronger rise back to retest 1.1848 instead.
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.
 holds. Rebound from 1.1408 could have completed as a corrective three-wave move. Break of 1.1607 will bring deeper fall to retest 1.1408 low. However, sustained break of the EMA will dampen this bearish view and bring stronger rise back to retest 1.1848 instead.){kind=link}