EUR/USD continues to decline from 1.1848 today and the intraday bias remains on the downside. Further decline should be seen to retest the bottom at 1.1408 first. For now, the risk will remain on the downside as long as resistance at 1.1685 holds, in case of a recovery.
In the bigger picture, strong support from the 38.2% retracement level from 1.0176 to 1.2081 at 1.1353 suggests that a pullback from 1.2081 is likely a corrective move. Strong support was also found at the 55 W EMA (now at 1.1547). Focus is back on the key cluster resistance level 1.2. A decisive breakout there would have long-term bullish implications. However, breaking the support 1.1408 will revive the bearish trend reversal in the medium term.
