Daily Pivots: (S1) 1.1723; (P) 1.1737; (R1) 1.1753; More….
EUR/USD’s rise from 1.1467 resumed after brief consolidations and intraday bias is back on the upside, retest of 1.1917 high should be seen next, and decisive break there will resume larger up trend. On the downside, below 1.1718 minor support will turn intraday bias neutral again and bring more consolidations.
In the bigger picture, as long as 55 W EMA (now at 1.1373) 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.
