Daily Pivots: (S1) 1.1580; (P) 1.1604; (R1) 1.1622; More….
Intraday bias in EUR/USD is turned neutral with current retreat. Further fall is in favor with 1.1698 resistance intact. Fall from 1.1807 is seen as the third leg of the corrective pattern from 1.1917. Below 1.1576 will target 1.1467 and below. However, break of 1.1698 will bring stronger rally back to 1.1807 resistance.
In the bigger picture, as long as 55 W EMA (now at 1.1413) 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.
