Daily Pivots: (S1) 1.1660; (P) 1.1701; (R1) 1.1727; More….
EUR/USD retreated well ahead of 1.1807 resistance and intraday bias is turned neutral. Risk will stay on the upside as long as 55 4H EMA (now at 1.1672) holds. Break of 1.1807 will will resume whole rally from 1.1467, and target a retest on 1.1917 key resistance level. However, sustained trading below 55 4H EMA will bring deeper fall back to 1.1576 support instead.
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.
 holds. Break of 1.1807 will will resume whole rally from 1.1467, and target a retest on 1.1917 key resistance level. However, sustained trading below 55 4H EMA will bring deeper fall back to 1.1576 support instead.){kind=link}