Daily Pivots: (S1) 1.1134; (P) 1.1173; (R1) 1.1243; More…..
Intraday bias in EUR/USD remains mildly on the upside as recovery from 1.1026 extends. At this point, we’d still expect upside to be limited by 1.1282 resistance to bring fall resumption. On the downside, below 1.1133 minor support will turn bias back to the downside. Break of 1.1026 will extend the downtrend from 1.2555. Though, break of 1.1282 will turn focus back to 1.1412 resistance next.
In the bigger picture, current development suggests that down trend from 1.2555 (2018) is in progress and extending. Prior rejection of 55 week EMA also maintained bearishness. Further fall should be seen to 78.6% retracement of 1.0339 to 1.2555 at 1.0813. Decisive break there will target 1.0339 (2017 low). On the upside, break of 1.1412 resistance is needed to indicate medium term bottoming. Otherwise, outlook will stay bearish in case of rebound.
