Daily Pivots: (S1) 1.1689; (P) 1.1714; (R1) 1.1751; More….
Intraday bias in EUR/USD is turned neutral with current retreat. On the upside, above 1.1739 will target 61.8% retracement of 1.2081 to 1.1408 at 1.1824. Decisive break there will pave the way to retest 1.2081 high. Nevertheless, sustained break of 55 4H EMA (now at 1.1622) will argue that rebound from 1.1408 has completed as a corrective move, and bring retest of this low.
In the bigger picture, the strong support from 38.2% retracement of 1.0176 to 1.2081 at 1.1353 suggests that the pullback from 1.2081 is more likely a corrective move. Strong support was also found in 55 W EMA (now at 1.1513). Focus is back on 1.2 key cluster resistance level. Decisive break there will carry long term bullish implications. Nevertheless, break of 1.1408 support will revive the case of medium term bearish trend reversal.
 will argue that rebound from 1.1408 has completed as a corrective move, and bring retest of this low.){kind=link}