Daily Pivots: (S1) 1.1635; (P) 1.1676; (R1) 1.1737; More…
Intraday bias in EUR/USD stays neutral and outlook is unchanged. On the upside, break of 1.1720 minor resistance will suggest that corrective pullback from 1.1829 has already completed at 1.1555. Intraday bias will be back on the upside for retesting 1.1829. On the downside, below 1.1555 will extend the correction towards 38.2% retracement of 1.0176 to 1.1829 at 1.1198.
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.
