The EUR/USD pair remains below the 1.1499 support level that turned into resistance. Intraday bias remains neutral, further downside is in favor. On the downside, a break of 1.1323 will resume the decline from 1.2081 to 100% prediction from 1.2081 to 1.1408 from 1.1848 at 1.1175. However, a decisive break of 1.1499 level will return the bias to the upside of the 55 D EMA (now at 1.1559) and above.
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.
