Daily Pivots: (S1) 1.1790; (P) 1.1834; (R1) 1.1911; More…
EUR/USD’s break of 1.1829 confirms resumption of larger uptrend. Intraday bias stays on the upside for 1.1916 projection, and then 1.2 psychological level. On the downside, below 1.1779 minor support will turn intraday bias neutral again first.
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. Sustained break of 1.2 psychological level will carry larger bullish implications. Next target is 138.2% projection at 1.2581. This will remain the favored case as long as 55 W EMA (now at 1.1215) holds.
