Daily pivots: (S1) 1.1689; (F) 1.1714; (R1) 1.1751; more….
EUR/USD intraday bias has become neutral with the current pullback. On the upside, above 1.1739 will target the 61.8% retracement level from 1.2081 to 1.1408 at 1.1824. A decisive break there will pave the way for a retest of the 1.2081 high. However, a sustained break of the 55 hourly moving average (now at 1.1622) will argue that the bounce from 1.1408 has been completed as a corrective move, and will bring a retest of this bottom.
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 1.1513). 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.
