Daily Pivots: (S1) 1.1743; (P) 1.1795; (R1) 1.1841; More…
EUR/USD’s break of 1.1741 resistance turned support indicates short term topping at 1.1917, after rejection by 1.1916 projection level. Intraday bias is back on the downside. Deeper fall should be seen to 1.1573 support next. For now, risk will stay on the downside as long as 1.1917 resistance holds, in case of recovery.
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. Further rise could still be seen as long as 1.1390 support holds. Break of 1.1917 will target 1.2 psychological level. Decisive break there will carry larger bullish implications. However, considering bearish divergence condition in D MACD, firm break of 1.1390 will indicate medium term topping.
