Daily Pivots: (S1) 1.0333; (P) 1.0412 (R1) 1.0484; More…..
Intraday bias in EUR/USD stays cautiously on the downside for the moment. Prior breach of 1.0351 support suggests down trend resumption and EUR/USD should target parity next. Meanwhile, above 1.0489 minor resistance will turn bias neutral again. In that case, outlook will stay bearish as long as 1.0562 resistance holds. However, break of 1.0652 will now confirm short term bottoming and turn near term outlook bullish for stronger rebound.
In the bigger picture, break of 1.0461 key support indicates that consolidation from there has completed as a triangle at 1.1298. And, the down trend from 1.6039 (2008 high) is resuming. Current downtrend is now expected to target 61.8% projection of 1.3993 to 1.0461 from 1.1298 at 0.9115. On the upside, break of 1.1298 resistance is needed to confirm medium term bottoming. Otherwise, outlook will stay bearish in case of rebound.
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