The intraday bias of EUR/USD turned neutral first with the current recovery. Further decline is expected as long as resistance remains at 1.1621. A strong break of support at 1.1408 will resume the entire decline from 1.2081 and target the 100% forecast from 1.2081 to 1.1408 from 1.1848 at 1.1175.
In the bigger picture, focus is back on the 38.2% retracement level from 1.0176 to 1.2081 at 1.1353. A decisive breakout there would revive the medium-term bearish trend reversal case after the rejection of the 1.2 key cluster resistance level. Further decline we should see to 61.8% retracement levels at 1.0904. However, a strong bounce from 1.1353, followed by a break of resistance at 1.1621, will sustain the upside in the medium term.
