EUR/USD edged lower to 1.1575 but quickly recovered. Intraday bias stays neutral first. As noted before, rebound from 1.1408 could have completed as a corrective three-wave move. Firm break of 1.1575 will target a retest on 1.1408 low. However, decisive break of 1.1660 minor resistance will turn bias back to the upside for stronger rebound.
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.
