Daily Pivots: (S1) 1.1555; (P) 1.1600; (R1) 1.1642; More…
Intraday bias in EUR/USD remains neutral for the moment. Below 1.1555 will extend the corrective fall from 1.1829 to 55 D EMA (now at 1.1493). Sustained break there will target 38.2% retracement of 1.0176 to 1.1829 at 1.1198. On the upside, though, break of 1.1720 will bring retest of 1.1829 high.
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.
. Sustained break there will target 38.2% retracement of 1.0176 to 1.1829 at 1.1198. On the upside, though, break of 1.1720 will bring retest of 1.1829 high.){kind=link}