Daily Pivots: (S1) 0.9944; (P) 0.9986; (R1) 1.0042; More…
Intraday bias in EUR/USD remains mildly on the upside at this point. Rebound from 0.9863 short term bottom would target 55 day EMA (now at 1.0170). Sustained break there will raise the chance of larger reversal, and target 1.0368 resistance. On the downside, firm break of 0.9863 will resume larger down trend.
In the bigger picture, down trend from 1.6039 (2008 high) is still in progress. Next target is 100% projection of 1.3993 to 1.0339 from 1.2348 at 0.8694. In any case, outlook will stay bearish as long as 1.0368 resistance holds, even in case of strong rebound.
