Daily Pivots: (S1) 1.1526; (P) 1.1648; (R1) 1.1711; More…
Intraday bias in EUR/USD stays on the downside as fall from 1.1829 resumed by breaking 1.1555 support. Strong support could be seen from 55 D EMA (now at 1.1538) to complete the correction. On the upside, above 1.1598 minor resistance will turn intraday bias neutral first. However, sustained trading below 55 D EMA will suggest that it’s already correcting the rise from 1.0176. Deeper decline should then be seen to 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.
 to complete the correction. On the upside, above 1.1598 minor resistance will turn intraday bias neutral first. However, sustained trading below 55 D EMA will suggest that it's already correcting the rise from 1.0176. Deeper decline should then be seen to 38.2% retracement of 1.0176 to 1.1829 at 1.1198.){kind=link}