EUR/USD has broken above a key resistance cluster, strengthening the view that its decline from the August high already ended. The near-term bias stays upside, with a lower support level marking where that outlook would turn neutral.
EUR/USD extended its rally after breaking above the 1.1621 cluster resistance, the 38.2% retracement of the drop from 1.2081 to 1.1323, at 1.1613, reinforcing the case that the pair's fall from 1.2081 completed as a three-wave correction at 1.1323.
The near-term bias stays upside toward the 61.8% retracement at 1.1791, but a drop back below 1.1613 minor support would turn intraday bias neutral first.
In the bigger picture, the current move suggests the fall from 1.2081 was a corrective pattern that completed at 1.1323, after touching the 38.2% retracement of 1.0176 to 1.2081 at 1.1353. A firm break above 1.2081 would resume the up trend from 1.1716.
That case stays favored as long as the 55 D EMA, now at 1.1520, holds on any retreat, keeping the broader retracement structure intact.
Source: ActionForex
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