Daily Pivots: (S1) 1.0834; (P) 1.0864 (R1) 1.0889; More….
With a temporary low in place at 1.0838 in EUR/USD, intraday bias is turned neutral first. On the downside, below 1.0838 will target 55 day EMA first (now at 1.0760). As noted before, rise from 1.0339 is seen as a corrective move. Break of 55 day EMA will affirm the case that such correction is completed and bring deeper decline to 1.0569 for confirmation. However, above 1.1020 will extend such corrective rise instead.
In the bigger picture, as long as 1.1298 key resistance holds, whole down trend from 1.6039 (2008 high) is still expected to continue. Break of 1.0339 low will send EUR/USD through parity to 61.8% projection of 1.3993 to 1.0461 from 1.1298 at 0.9115. However, considering bullish convergence condition in weekly MACD, break of 1.1298 will indicate long term reversal.
