Daily Pivots: (S1) 1.1322; (P) 1.1386; (R1) 1.1505; More…
Intraday bias in EUR/USD remains on the upside for 1.1482 resistance. Considering bullish convergence condition in daily MACD, a medium term bottom could be in place already. Break of 1.1482 will affirm this case and target 38.2% retracement of 1.2348 to 1.1120 at 1.1639 next. On the downside however, break of 1.1329 minor support will mix up the outlook and turn intraday bias neutral first.
In the bigger picture, the strength of the the decline from 1.2348 (2021 high) suggests that it’s not a corrective move. But still, it could be the fourth leg of a sideway pattern from 1.0339 (2017 low), or resuming long term down trend. In any case, outlook will now stay bearish as long as 1.1482 resistance holds. Next target would be 1.0635 low. However, firm break of 1.1482 will raise the chance that whole fall from 1.2348 has completed, and turn focus back to 1.1703 resistance for confirmation.
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