Daily Pivots: (S1) 1.1322; (P) 1.1358; (R1) 1.1401; More…
Intraday bias in EUR/USD stays mildly on the downside at this point. Correction from 1.1572 short term top could still extend lower. Nevertheless, strong support should be seen from 38.2% retracement of 1.0176 to 1.1572 at 1.1039 to contain downside. On the upside, break of 1.1572 will resume larger up trend.
In the bigger picture, rise from 0.9534 long term bottom could be correcting the multi-decade downtrend or the start of a long term up trend. In either case, further rise should be seen to 100% projection of 0.9534 to 1.1274 from 1.0176 at 1.1916. This will now remain the favored case as long as 55 W EMA (now at 1.0792) holds.
