Daily Pivots: (S1) 1.1485; (P) 1.1563 (R1) 1.1616; More…..
Breach of 1.1639 minor resistance indicates temporary bottoming in EUR/USD at 1.1509. Intraday bias is turned neutral for consolidation. Stronger recovery could be seen to 4 hour 55 EMA (now at 1.1700) and possibly above. But upside should be limited by 1.1822/1995 resistance zone to bring fall resumption. Below 1.1509 will target 50% retracement of 1.0339 to 1.2555 at 1.1447 first. break will target 61.8% retracement at 1.1186 next.
In the bigger picture, current development suggests that EUR/USD was rejected by 38.2% retracement of 1.6039 (2008 high) to 1.0339 (2017 low) at 1.2516. And, a medium term top was formed at 1.2555 already. Decline from there should extend further to 61.8% retracement of 1.0339 to 1.2555 at 1.1186 and below. For now, even in case of rebound, we won’t consider the fall from 1.2555 as finished as long as 1.1995 resistance holds.
