Daily Pivots: (S1) 1.3830; (P) 1.3989; (R1) 1.4129; More

EUR/USD dips slightly today but after all it's still bounded by range of 1.3822 and 1.4360. Intraday outlook remains neutral for the moment. On the downside, below 1.3822 will indicate that fall from 1.4719 is resuming and further break of 1.3629 cluster support will affirm the case that rebound from 1.2329 has completed. Deeper decline should then be seen to retest this low. On the upside, above 1.4360 will argue that price actions from 1.4719 is merely triangle consolidation instead and will bring resumption of rise from 1.2423 towards 1.4867 key resistance.

In the bigger picture, a medium term bottom is no doubt in place at 1.2329 and fall from 1.6038 should have completed. Such decline could either be viewed as being a three wave sequence that's completed at 1.2329 or a five wave sequence that's completed at an orthodox low at 1.2423. In either case, as long as 1.4867 resistance holds, such fall from 1.6038 is still in favor to resume. Though, some larger scale consolidation could be seen first. However, above 1.4867 will dampen the bearish view and argue that stronger rally would be seen to retest 1.6038 record high.