Daily Pivots: (S1) 1.1432; (P) 1.1460; (R1) 1.1477; More…
EUR/USD’s fall is still in progress and intraday bias stays on the downside. Current decline should now target 100% projection 1.1908 to 1.1523 from 1.1691 at 1.1306, which is close to long term fibonacci level at 1.1289. On the upside, break of 1.1607 resistance is needed to indicate short term bottoming. Otherwise, outlook will stay bearish in case of recovery.
In the bigger picture, price actions from 1.2348 should at least be a correction to rise from 1.0635 (2020 low). As long as 1.1691 resistance holds, deeper fall would be seen to 61.8% retracement of 1.0635 to 1.2348 at 1.1289. Nevertheless break of 1.1691 resistance will revive medium term bullishness and turn focus back to 1.2348 high.
