EUR/USD recovered just ahead of near term falling channel floor and intraday bias is turned neutral first. Some consolidations could be seen, but risk will stay on the downside as long as 1.1685 resistance holds. Break of 1.4992 will resume the fall from 1.1848 to retest 1.1408 low next.
In the bigger picture, the strong support from 38.2% retracement of 1.0176 to 1.2081 at 1.1353 suggests that the pullback from 1.2081 is more likely a corrective move. Strong support was also found in 55 W EMA (now at 1.1547). Focus is back on 1.2 key cluster resistance level. Decisive break there will carry long term bullish implications. Nevertheless, break of 1.1408 support will revive the case of medium term bearish trend reversal.
SOURCE LINK : https://www.actionforex.com/technical-outlook/eurusd-outlook/643203-eur-usd-daily-outlook-2415/
