EUR/USD holds a neutral intraday bias while resistance at 1.1276 stays intact. ActionForex says a drop below 1.1111 would extend the larger fall from 1.2081, while a firm break above 1.1276 would point to a short-term bottom.
EUR/USD's intraday bias stays neutral for now, according to ActionForex. Further fall is in favor with 1.1276 resistance intact.
A move below 1.1111 would extend the larger fall from 1.2081 toward the 1.0904 fibonacci level. However, ActionForex notes bullish divergence in the 4H MACD.
Should EUR/USD break 1.1276 firmly, that would indicate short-term bottoming and bring a stronger rebound to the 55 D EMA, now at 1.1391.
Bigger picture favors the downside
The current development suggests the fall from the 1.2081 medium-term top could be reversing the rise from 1.0176, the 2025 low. It probably also reverses the rise from the 2022 low of 0.9534.
A deeper fall should be seen next to 1.0904, the 61.8% retracement of 1.0176 to 1.2081. In case of a rebound, risk stays on the downside as long as 1.1710 resistance holds.
Source: ActionForex
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