Daily Pivots: (S1) 1.1701; (P) 1.1733; (R1) 1.1753; More….
EUR/USD’s fall from 1.1807 accelerated lower today and the break of 1.1702 support suggests that rise from 1.1467 could have completed with three waves up to 1.1807. The development argues that fall from 1.1807 is the third leg of the whole pattern from 1.1917 high. Intraday bias is back on the downside. Sustained trading below 55 D EMA (now at 1.1670) will affirm this case and target 1.1467 support and below. For now, risk will stay on the downside as long as 1.1807 resistance holds, in case of recovery.
In the bigger picture, as long as 55 W EMA (now at 1.1408) 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.
 will affirm this case and target 1.1467 support and below. For now, risk will stay on the downside as long as 1.1807 resistance holds, in case of recovery.){kind=link}