Intraday Outlook
EUR/USD remains bounded in consolidation above 1.1323 and intraday bias stays neutral. With 1.1499 support-turned-resistance intact, the outlook remains bearish. On the downside, a break of 1.1323 will resume the fall from 1.2081 to the 100% projection of 1.2081 to 1.1408 from 1.1848 at 1.1175. However, a decisive break of 1.1499 will turn bias back to the upside toward 1.1621 resistance.
Bigger Picture
Focus is back on the 38.2% retracement of 1.0176 to 1.2081 at 1.1353. A decisive break there will revive the case of a medium-term bearish trend reversal following rejection by the 1.2 key cluster resistance level. Further losses should then be seen toward the 61.8% retracement at 1.0904. Nevertheless, a strong rebound from 1.1353, followed by a break of 1.1621 resistance, would retain the medium-term bullish outlook.
