Daily Pivots: (S1) 1.1566; (P) 1.1630; (R1) 1.1666; More…
EUR/USD’s break of 1.1630 support argues that rise from 1.1064 has completed at 1.1829. Fall from there is either correcting this rise or the whole rally from 1.0176. Intraday bias is now on the downside for 55 D EMA (now at 1.1478). Risk will stay on the downside as long as 1.1829 resistance holds, in case of recovery.
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 remain the favored case as long as 1.1604 support holds.
. Risk will stay on the downside as long as 1.1829 resistance holds, in case of recovery.){kind=link}