EUR/USD jumps sharply today but stays below 1.1414 resistance. Intraday bias remains neutral first. On the downside, break of 1.1097 support will confirm resumption of fall from 1.1615. More importantly, that will indicate completion of rebound from 1.0517. And, in that case, retest of 1.0461/517 resistance zone would be seen. Nonetheless, above 1.1414 will turn focus back to 1.1615 instead.
In the bigger picture, overall price actions from 1.6039 long term top is viewed as a corrective pattern with fall from 1.3993 as the third leg. Price actions from 1.0461 are viewed as correction to fall from 1.3993. Break of 1.0461 will extend the decline from 1.3993. On the upside, break of 1.2042 support turned resistance is needed to be the first sign of trend reversal. Otherwise, we'll stay bearish and expect a new low below 1.0461 at a later stage.
In the bigger picture, overall price actions from 1.6039 long term top is viewed as a corrective pattern with fall from 1.3993 as the third leg. Price actions from 1.0461 are viewed as correction to fall from 1.3993. Break of 1.0461 will extend the decline from 1.3993. On the upside, break of 1.2042 support turned resistance is needed to be the first sign of trend reversal. Otherwise, we'll stay bearish and expect a new low below 1.0461 at a later stage.