EUR/USD's intraday bias stays neutral as the pair holds between key technical levels. A break above 1.1580 would extend the rebound from 1.1323, while a drop below 1.1481 would turn the bias back to the downside.
ActionForex keeps its intraday bias on EUR/USD neutral for now. A move above 1.1580 would extend the rebound from 1.1323 to the 1.1621 cluster resistance, the 38.2% retracement of the move from 1.2081 to 1.1323 at 1.1613.
A decisive break there would solidify the case that the fall from 1.2081 completed as a three-wave correction at 1.1323. From there, a further rally would be seen toward the 61.8% retracement at 1.1791. However, a break of the 1.1481 resistance-turned-support would dampen that case and turn the bias back down toward the 1.1352 support level.
In the bigger picture, focus stays on the 38.2% retracement of the move from 1.0176 to 1.2081, at 1.1353. A decisive break there would revive the case for a medium-term bearish trend reversal following rejection at the 1.2 key cluster resistance. Further weakness would then open the door to the 61.8% retracement at 1.0904. A strong rebound from 1.1353, followed by a break of 1.1621 resistance, would instead keep the medium-term bullish case alive.
Source: ActionForex
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