Daily Pivots: (S1) 1.1378; (P) 1.1407; (R1) 1.1432; More…..
EUR/USD is staying in range of 1.1358/1472 and intraday bias remains neutral first. Also, as long as 1.1499 resistance holds, outlook remains bearish. On the downside, break of 1.1358 minor support should bring retest of 1.1215 low first. Break will resume medium term down trend. However, on the upside, firm break of 1.1499 will indicate near term reversal and turn outlook bullish for 1.1814 resistance again.
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 strong rebound.
