Daily Pivots: (S1) 1.1642; (P) 1.1663; (R1) 1.1682; More….
EUR/USD’s decline from 1.1807 resumed by breaking through 1.1658 temporary low. The break of 55 D EMA (now at 1.1671) suggests that rebound from 1.1467 has already completed. Overall development indicates that corrective pattern from 1.1917 is already in the third leg. Intraday bias is back on the downside for 1.1467 support, and below. On the upside, though, break of 1.1742 will turn bias back to the upside for 1.1807 resistance 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.
 suggests that rebound from 1.1467 has already completed. Overall development indicates that corrective pattern from 1.1917 is already in the third leg. Intraday bias is back on the downside for 1.1467 support, and below. On the upside, though, break of 1.1742 will turn bias back to the upside for 1.1807 resistance instead.){kind=link}