Daily Pivots: (S1) 1.1585; (P) 1.1617; (R1) 1.1642; More….
Intraday bias in EUR/USD remains on the downside for the moment, as fall from 1.1807 is extending. The decline is seen as the third leg of the corrective pattern from 1.1917, and should target 1.1467 support and below. Risk will now stay on the downside as long as 1.1698 resistance holds, in case of recovery.
In the bigger picture, as long as 55 W EMA (now at 1.1416) 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.
