Daily Pivots: (S1) 1.1311; (P) 1.1340; (R1) 1.1365; More….
EUR/USD’s accelerates to as low as 1.1240 so far. Break of 1.1300 key support confirms resumption of whole decline trend from 1.2555. Intraday bias stays on the downside for 1.1186 fibonacci level first. Break will target 61.8% projection of 1.2555 to 1.1300 from 1.1814 at 1.1038 next. On the upside, above 1.1330 minor resistance will turn intraday bias neutral first. But recovery should be limited below 1.1499 resistance to bring fall resumption.
In the bigger picture, down trend from 1.2555 medium term top has just resumed and should target 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 resistance is now needed to confirm medium term bottoming. Otherwise, outlook will stay bearish in case of recovery.
