Daily Pivots: (S1) 1.1449; (P) 1.1476; (R1) 1.1520; More…..
Intraday bias in EUR/USD remains neutral for consolidation above 1.1431. But with 1.1549 minor resistance intact, another decline is still expected. On the downside, below 1.1431 will resume the fall from 1.1814 and target 1.1300 low. Nonetheless, break of 1.1549 will indicate short term bottoming and bring stronger rebound, back to 55 day EMA (now at 1.1621).
In the bigger picture, corrective pattern from 1.1300 could have completed at 1.1814 after hitting 38.2% retracement of 1.2555 to 1.1300at 1.1779. Decisive break of 1.1300 will resume the down trend from 1.2555 to 61.8% retracement of 1.0339 (2017 low) to 1.2555 at 1.1186 next. Sustained break there will pave the way to retest 1.0339. On the upside, break of 1.1814 will delay the bearish case and extend the correction from 1.1300 with another rise before completion.
