Daily Pivots: (S1) 1.1285; (P) 1.1307; (R1) 1.1327; More…..
EUR/USD drops to as low as 1.1245 so far and intraday bias remain on the downside for 1.1215 low. Decisive break there will resume larger down trend from 1.2555. On the upside, above 1.1345 minor resistance will turn bias to the upside for 1.1324 resistance to extend the consolidation from 1.1215.
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.
