Daily Pivots: (S1) 1.1145; (P) 1.1200; (R1) 1.1231; More….
Intraday bias in EUR/USD remains on the downside at this point. Decline from 1.1422 short term top is in progress for 38.2% retracement of 1.0635 to 1.1422 at 1.1121. Sustained break there will argue that whole rebound from 1.0635 has completed and bring deeper fall to 61.8% retracement at 1.0936. On the upside, break of 1.1353 minor resistance will turn bias back to the upside for 1.1422 instead.
In the bigger picture, as long as 1.1496 resistance holds, whole down trend from 1.2555 (2018 high) should still be in progress. Next target is 1.0339 (2017 low). However, sustained break of 1.1496 will argue that such down trend has completed. Rise from 1.0635 could then be seen as the third leg of the pattern from 1.0339. In this case, outlook will be turned bullish for retesting 1.2555.
