Daily Pivots: (S1) 1.1902; (P) 1.1992; (R1) 1.2134; More….
A temporary top is formed at 1.2081 in EUR/USD with current retreat. Intraday bias is turned neutral for consolidations. Downside should be contained by 1.1835 support. Decisive break above 1.2 will carry larger bullish implications. Next near term target will be 38.2% projection of 1.0176 to 1.1917 from 1.1576 at 1.3434. However, break of 1.1835 will indicate short term topping, and turn bias to the downside for deeper pullback.
In the bigger picture, as long as 55 W EMA (now at 1.1443) holds, up trend from 0.9534 (2022 low) is still in favor to continue. Decisive break of 1.2 key psychological level will add to the case of long term bullish trend reversal. Next medium term target will be 138.2% projection of 0.9534 to 1.1274 from 1.0176 at 1.2581. 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.
