Daily Pivots: (S1) 1.1622; (P) 1.1683; (R1) 1.1782; More…
Intraday bias in EUR/USD remains on the upside as rise from 1.1390 is in progress. The corrective pattern from 1.1829 should have completed with three waves down to 1.1390. Further rally should be seen to retest 1.1829 high first. Firm break there will resume larger up trend. For now, risk will stay on the upside as long as 1.1582 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.
