Daily Pivots: (S1) 0.9706; (P) 0.9761; (R1) 0.9797; More…
EUR/USD’s break of 0.9734 minor support should indicate that rebound from 0.9534 has completed at 0.9998. Larger down trend is ready to resume. Intraday bias is back on the downside for 0.9534 first. Firm break there will target 100% projection of 1.0368 to 0.9534 from 0.9998 at 0.9163. For now, risk will stay on the downside as long as 0.9998 resistance holds, in case of recovery.
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, break of 0.9998 resistance is needed to be the first sign of medium term bottoming. Otherwise, outlook will stay bearish even with strong rebound.
