Daily Pivots: (S1) 1.1710; (P) 1.1735; (R1) 1.1768; More…
EUR/USD’s break of 1.1677 minor support suggests that corrective pattern from 1.1829 is extending with the third leg. Intraday bias is back on the downside for 1.1555 support and possibly below. But downside should be contained by 55 D EMA (now at 1.1538) to bring rebound. On the upside, above 1.1788 will bring retest of 1.1829 high first.
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.
 to bring rebound. On the upside, above 1.1788 will bring retest of 1.1829 high first.){kind=link}