Daily Pivots: (S1) 1.1346; (P) 1.1459; (R1) 1.1518; More…
EUR/USD’s fall from 1.1829, as a correction to rally from 1.0176, is in progress. Intraday bias stays on the downside for retracement of 1.0176 to 1.1829 at 1.1198. On the upside, break of 1.1555 support turned resistance is needed to indicate short term bottoming. otherwise, risk will stay on the downside in case of recovery.
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.
