Intraday bias in EUR/USD’s rebound on the upside at this point. Rebound from 1.1323 could have completed with three waves up to 1.1710. Deeper fall should be seen to 61.8% retracement of 1.1323 to 1.1710 at 1.1471. For now, risk will be mildly on the downside as long as 1.1653 resistance holds, in case of recovery.
In the bigger picture, with 38.2% retracement of 1.0176 to 1.2081 at 1.1353 intact, price actions from 1.2081 are viewed as a corrective pattern in the larger up trend from 1.0176 (2025 low). Break of 1.2081 is expected at a later stage after the correction completes. However, sustained break of 1.1353 will raise the chance of medium term trend reversal.
