Daily Pivots: (S1) 1.0893; (P) 1.0926; (R1) 1.0943; More…
Intraday bias in EUR/USD remains on the downside as fall from 1.1239 is accelerating downward. 1.0879 low is next target. Firm break there will resume larger down trend. On the upside, above 1.0957 minor resistance will turn intraday bias neutral first. But recovery should be limited by 1.0992 support turned resistance to bring fall resumption.
In the bigger picture, rebound from 1.0879 is seen as a corrective that might have completed after rejection by 55 week EMA. Break of 1.0879 will resume the down trend from 1.2555 (2018 high) for 78.6% retracement of 1.0339 (2017 low) to 1.2555 at 1.0813). Sustained break there will pave the way to retest 1.0339 low. For now, this will remain the favored case as long as 1.1239 resistance holds.
