Daily Pivots: (S1) 1.1590; (P) 1.1623; (R1) 1.1667; More…
Intraday bias in EUR?USD stays mildly on the upside for 1.1724 resistance. Firm break there will solidify the case that fall from 1.1917 has completed as a three-wave correction. Further rise should then be seen to retest 1.1971 high. On the downside, however, break of 1.1561 minor support will revive near term bearishness and target 1.1467 and below.
In the bigger picture, considering bearish divergence condition in D MACD, a medium term top is likely in place at 1.1917, just ahead of 1.2 key psychological level. As long as 55 W EMA (now at 1.1306) holds, the up trend from 0.9534 (2022 low) is still expected to continue. Decisive break of 1.2000 will carry larger bullish implications. However, sustained trading below 55 W EMA will argue that rise from 0.9534 has completed as a three wave corrective bounce, and keep long term outlook outlook bearish.
