Daily Pivots: (S1) 1.1607; (P) 1.1636; (R1) 1.1670; More…
EUR/USD breached 1.1582 support briefly but cannot sustain below the level yet. Intraday bias stays neutral first. On the upside, above 1.1741 will resume the rally from 1.1390 to retest 1.1829 high. Firm break there will extend larger up trend. However, decisive break of 1.1582 will extend the corrective pattern from 1.1829 with another downleg, and target 1.1390.
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.
