EUR/USD's sharp fall today suggests that recovery from 1.4028 might have completed at 1.4193 already. Intraday bias is cautiously on the downside for the moment. Break of 1.4028 will confirm fall resumption and should target next key cluster support at 1.3737. On the upside, above 1.4193 will bring more consolidations. But after all, upside is expected to be limited below 1.4334 resistance and bring fall resumption.
In the bigger picture, medium term rise from 1.2456 has completed at 1.5143 on bearish divergence conditions in daily MACD. Focus now turns to 1.3737 cluster support (50% retracement of 1.2329 to 1.5143 at 1.3736). Decisive break there will also confirm the case that three wave consolidation from 1.2329 has finished at 1.5134 too. In other words, whole medium term term fall from 1.6039 should be resuming for a new low below 1.2329. On the upside, however, break of 1.4578 resistance will leave the fall from 1.5143 in three wave corrective structure and mixes up the outlook.
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