Daily Pivots: (S1) 1.1678; (P) 1.1703; (R1) 1.1748; More….
EUR/USD rebounded after drawing support from 55 D EMA (now at 1.1674) and intraday bias is turned neutral. The development suggests that rise from 1.1467 is not completed. Break of 1.1807 will turn bias back to the upside for retesting 1.1917 high. However, break of 1.1658 support will target 1.1467, as corrective pattern from 1.1917 has started the third leg.
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.
 and intraday bias is turned neutral. The development suggests that rise from 1.1467 is not completed. Break of 1.1807 will turn bias back to the upside for retesting 1.1917 high. However, break of 1.1658 support will target 1.1467, as corrective pattern from 1.1917 has started the third leg.){kind=link}