Daily Pivots: (S1) 1.1666; (P) 1.1684; (R1) 1.1696; More….
Immediate focus is now on 1.1658 temporary low in EUR/USD. Firm break there will resume the decline from 1.1807. More important, that would indicate that corrective pattern from 1.1917 is already in the third leg. Deeper fall should then be seen to 1.1467 support. On the upside, however, break of 1.1807 will resume the rise from 1.1467 to retest 1.1917 high instead.
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.
