Daily Pivots: (S1) 1.1114; (P) 1.1155; (R1) 1.1225; More…
Intraday bias in EUR/USD remains neutral for the moment. Strong support is expected from 38.2% retracement of 1.0176 to 1.1572 at 1.1039 to complete the correction from 1.1572. On the upside, break of 1.1292 resistance will bring retest of 1.1572 high. However, sustained break of 1.1039 will dampen this view and target 61.8% retracement at 1.0709 next.
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 1.0789) holds.