Daily Pivots: (S1) 1.1340; (P) 1.1376; (R1) 1.1400; More…..
Despite dipping to 1.1353, EUR/USD quickly recovered and intraday bias is turned neutral first. Further decline is expected as long as 1.1450 minor resistance holds. We’re holding on to the case that corrective rise from 1.1215 has completed earlier than expected at 1.1569. Below 1.1353 will target 1.1307 support first. Break there will affirm this bearish case and target 1.1215 low next. On the upside, though, break of 1.1450 minor resistance will mix up the outlook again and turn bias neutral.
In the bigger picture, as long as 1.1814 resistance holds, down trend down trend from 1.2555 medium term top is still in progress 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. However, break of 1.1814 will confirm completion of such down trend and turn medium term outlook bullish.
