EUR/USD continues to range trade above 1.1499 and intraday bias remains neutral. The risk will remain on the downside as long as resistance remains at 1.1685. Breaking 1.4992 will resume the decline from 1.1848 to retest the 1.1408 low next.
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.
