Intraday bias in EUR/USD is back on the downside with break of 1.1499 support. Further fall should be seen to retest 1.1408 low. Firm break there will resume whole decline form 1.1408 to 100% projection of 1.2081 to 1.1408 from 1.1848 at 1.1175. On the upside, above 1.15247 minor resistance will turn intraday bias neutral again first. However, outlook will remain mildly bearish as long as 1.1621 resistance holds, in case of recovery.
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/644378-eur-usd-daily-outlook-2422/
