Daily Pivots: (S1) 1.1702; (P) 1.1731; (R1) 1.1784; More…
EUR/USD’s break of 1.1720 minor resistance suggests that correction fro 1.1829 has completed at 1.1555, well ahead of 55 D EMA. Intraday bias is back on the upside for retesting 1.1829 first. Firm break there will resume whole rally from 1.0176. For now, risk will stay on the upside as long as 1.1555 support holds, in case of retreat.
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.
