Daily Pivots: (S1) 1.1735; (P) 1.1757; (R1) 1.1772; More….
EUR/USD’s retreat from 1.1807 extends lower today but stays above 1.1702 support. Intraday bias remains neutral and further rise is in favor. On the upside, break of 1.1807 will resume the rise from 1.1467 to retest 1.1917 high. However, firm break of 1.1702 will turn bias back to the downside for 1.1467 support, to extend the corrective pattern form 1.19717 with another falling leg.
In the bigger picture, as long as 55 W EMA (now at 1.1386) 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.
