Daily Pivots: (S1) 1.1646; (P) 1.1673; (R1) 1.1724; More….
EUR/USD’s rise from 1.1467 resumed by breaking through 1.1681 temporary top and intraday bias is back on the upside. As noted before, corrective fall form 1.1917 should have completed at 1.1467. Firm break of 1.1727 resistance will solidify this case and bring retest of 1.1917 high. However, break of 1.1614 support will revive near term bearishness, and bring retest of 1.1467 low.
In the bigger picture, as long as 55 W EMA (now at 1.1346) holds, up trend from 0.9534 (2022 low) is still in favor to continue. Decisive break of 1.2 key psychological level will carry larger bullish implication. 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 bearish.
