Daily Pivots: (S1) 1.1761; (P) 1.1785; (R1) 1.1824; More…
EUR/USD dips lower today as consolidation from 1.1829 extends. Outlook is unchanged and intraday bias remains neutral. Downside of retreat should be contained by 1.1630 resistance turned support to bring another rally. On the upside, break of 1.1829 will target 61.8% projection of 1.0176 to 1.1572 from 1.1064 at 1.1927.
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 1.1604 support holds.
