EUR/USD keeps its upward bias while support at 1.1510 stays intact, with a break above the 1.1621 resistance cluster needed to confirm the pair's slide from 1.2081 has ended. The bigger-picture path still hinges on the 1.1353 retracement level, where a decisive break would revive a bearish reversal case.
Further gains remain favored in EUR/USD as long as the 1.1510 support holds. A decisive break above the 1.1621 cluster resistance — the 38.2% retracement of the move from 1.2081 to 1.1323 — would strengthen the case that the fall from 1.2081 completed as a three-wave correction at 1.1323. From there, a rally could extend to the 61.8% retracement at 1.1791.
In the bigger picture, the focus stays on the 38.2% retracement of the 1.0176-to-1.2081 range at 1.1353. A decisive break there would revive the case for a medium-term bearish trend reversal, following the pair's earlier 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, however, followed by a break above 1.1621, would keep the medium-term bullish structure intact.
Source: ActionForex
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