Daily Pivots: (S1) 1.1549; (P) 1.1573; (R1) 1.1596; More…
EUR/USD retreated after hitting 55 4H EMA (now at 1.1573), and intraday bias is turned neutral first. On the upside, above 1.1596 will affirm the case that correction from 1.1829 has completed with three waves at 1.1390. Further rally should then be seen to retest 1.1788/1820 resistance zone. On the downside, break of 1.1390 will resume the correction to 38.2% retracement of 1.0176 to 1.1829 at 1.1198 instead.
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.
, and intraday bias is turned neutral first. On the upside, above 1.1596 will affirm the case that correction from 1.1829 has completed with three waves at 1.1390. Further rally should then be seen to retest 1.1788/1820 resistance zone. On the downside, break of 1.1390 will resume the correction to 38.2% retracement of 1.0176 to 1.1829 at 1.1198 instead.){kind=link}