Daily Pivots: (S1) 1.1130; (P) 1.1159; (R1) 1.1210; More…..
Intraday bias in EUR/USD remains neutral first. It’s staying in consolidation from 1.1111 and upside of recovery should be limited by 1.1263 resistance to bring down trend resumption eventually. On the downside, firm break of 1.1107 will resume the larger down trend from 1.2555. Next target will be 100% projection of 1.1448 to 1.1183 from 1.1324 at 1.1059. However, sustained break of 1.1263 resistance will now be an early sign of trend reversal and turn bias to the upside for 1.1448 key resistance.
In the bigger picture, down trend from 1.2555 (2018 high) is still in progress. Such decline would target 78.6% retracement of 1.0339 (2016 low) to 1.2555 (2018 high) at 1.0813 next. Sustained break there will pave the way to retest 1.0339. On the upside, break of 1.1448 resistance is needed to be the first sign of medium term bottoming. Otherwise, outlook will stay bearish in case of rebound.
