Daily Pivots: (S1) 1.1373; (P) 1.1452; (R1) 1.1494; More….
Intraday bias in EUR/USD stays on the downside as fall from 1.2081 is in progress. Deeper decline should be seen to 38.2% retracement of 1.0176 to 1.2081 at 1.1353 next. Firm break there will target 61.8% projection at 1.0904 next. On the upside, above 1.1506 support turned resistance will turn intraday bias neutral first. But near term outlook will stay cautiously bearish as long as 1.1666 resistance holds, in case of another recovery.
In the bigger picture, the break of 55 W EMA (now at 1.1495) confirms rejection by 1.2 key cluster resistance level. The whole up trend from 0.9534 (2022 low) might have completed as a three wave corrective rise too. In either case, deeper fall is now expected to long term channel support (now at 1.0528. Risk will stay on the downside as long as 1.2081 holds, in case of recovery.
