Daily Pivots: (S1) 1.1641; (P) 1.1719; (R1) 1.1765; More….
Intraday bias in EUR/USD remains on the downside, and immediate focus is now on 1.1576 structural support. Firm break there would confirm rejection by 1.2 key psychological level. That should also confirm medium term topping on bearish divergence condition in D MACD. Further decline should be seen to 38.2% retracement of 1.0176 to 1.2081 at 1.1353 next. For now, risk will stay on the downside as long as 1.1740 support turned resistance holds, in case of recovery.
In the bigger picture, as long as 55 W EMA (now at 1.1494) 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.
