Daily Pivots: (S1) 1.1709; (P) 1.1728; (R1) 1.1756; More…
Range trading continues in EUR/USD and intraday bias remains neutral. With 1.1607 support intact, further rise is expected. On the upside, above 1.1779 will target a retest of 1.1829 high. Firm break there will resume larger up trend to 1.1916 projection level next.
In the bigger picture, rise from 0.9534 (2022 low) 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 55 W EMA (now at 1.1174) holds.
