Daily Pivots: (S1) 1.0632; (P) 1.0666 (R1) 1.0687; More…..
Intraday bias in EUR/USD remains on the downside for the moment. As noted before, corrective rise from 1.0339 is completed and larger down trend is possibly ready to resume. Break of 1.0494 should confirm this bearish case and target 1.0339 low and below. Break of 1.0339 will confirm down trend resumption and target parity next. On the upside, above 1.0739 minor resistance will delay the bearish case and turn focus back to 1.0905 resistance instead.
In the bigger picture, as long as 1.1298 key resistance holds, whole down trend from 1.6039 (2008 high) is still expected to continue. Break of 1.0339 low will send EUR/USD through parity to 61.8% projection of 1.3993 to 1.0461 from 1.1298 at 0.9115. However, considering bullish convergence condition in weekly MACD, break of 1.1298 will indicate term reversal. this would also be supported by sustained trading above 55 week EMA.
