Daily Pivots: (S1) 1.2063; (P) 1.2136 (R1) 1.2176; More….
EUR/USD’s decline extends today and reaches as low as 1.2054 so far. Intraday bias remains on the downside for for 161.8% projection of 1.2475 to 1.2214 from 1.2413 at 1.1991 first. Break will target 200% projection at 1.1891. On the upside, above 1.2130 minor resistance will turn intraday bias neutral and bring consolidation, before staging another decline.
In the bigger picture, current decline and firm break of 1.2154 support confirms rejection by 38.2% retracement of 1.6039 (2008 high) to 1.0339 (2017 low) at 1.2516. A medium term top should be in place at 1.2555 and deeper decline would be seen back to 38.2% retracement of 1.0339 to 1.2555 at 1.1708 first. We’ll look at the structure and momentum of such decline before decision if it’s an impulsive or corrective move.
