EUR/USD's rebound from 1.1323 may have already run its course after a three-wave advance toward 1.1710. Analysts now flag 1.1653 as the resistance to watch, with a sustained break below 1.1353 needed to raise the odds of a medium-term trend reversal.
EUR/USD's rebound from 1.1323 could have completed with three waves up to 1.1710, according to ActionForex's daily technical analysis outlook. Intraday bias in the pair sits on the upside for now, but the near-term picture is more cautious than the recent climb suggests.
Risk turns mildly to the downside as long as 1.1653 resistance holds in case of a recovery attempt. A deeper fall from here should be seen to the 61.8% retracement of the 1.1323-to-1.1710 range at 1.1471.
In the bigger picture, the 38.2% retracement of the 1.0176-to-1.2081 range at 1.1353 remains intact. Price action since the 1.2081 high is viewed as a corrective pattern within the larger uptrend from 1.0176, the 2025 low, and a break above 1.2081 is expected only after that correction completes.
However, a sustained break of 1.1353 would raise the chance of a medium-term trend reversal for the pair.
Source: ActionForex
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