Intraday bias in EUR/USD stays mildly on the upside at this point. Fall from 1.1848 could have completed as a three wave-correction at 1.1575/ Further rise would be seen to 1.1795 resistance. However, firm break of 1.1575 will extend the decline to retest 1.1408 low 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.
