Daily Pivots: (S1) 1.1488; (P) 1.1518; (R1) 1.1570; More….
EUR/USD is still staying below 1.1666 resistance despite extended rebound. Intraday bias remains neutral and further decline is in favor. On the downside, below .1408 will resume the fall from 1.2081 to 38.2% retracement of 1.0176 to 1.2081 at 1.1353. However, decisive break of 1.1666 will argue that the fall from 1.2081 has completed, and turn bias back to the upside for retesting this high.
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.
