Intraday bias in EUR/USD remains neutral for consolidations below 1.1710. Downside should be contained by 1.1565 support to bring another rally. On the upside, above 1.1710 will target 61.8% retracement of 1.2081 to 1.1323 at 1.1791 next. Firm break there will bring retest of 1.2081 high.
In the bigger picture, current development argues that fall from 1.2081 was a corrective pattern which has completed at 1.1323, after hitting 38.2% retracement of 1.0176 to 1.2081 at 1.1353. Firm break of 1.2081 will resume whole up trend from 1.1716. This will now remain the favored case as long as 55 D EMA (now at 1.1530) holds, in case of retreat.
SOURCE LINK : https://www.actionforex.com/technical-outlook/eurusd-outlook/651670-eur-usd-daily-outlook-2469/
