Daily Pivots: (S1) 1.1647; (P) 1.1684; (R1) 1.1703; More….
EUR/USD’s decline continues today and the break of 1.1639 resistance turned support suggests that rebound from 1.1408 has completed as a corrective three-wave move at 1.1848. Intraday bias remains on the downside for retesting 1.1408 low. Firm break there resume the whole fall from 1.2081. On the upside, above 1.1694 resistance will turn intraday bias neutral first.
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 1.1539). 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.
