Daily Pivots: (S1) 1.1793; (P) 1.1866 (R1) 1.1912; More….

EUR/USD drops sharply to as low as 1.1762 as recent decline extends. Intraday bias stays on the downside at this point. Current fall from 1.2555 should target 1.1708 medium term fibonacci level next. Break will target 1.1553 support. And, on the upside, break of 1.1995 resistance is needed to indicate short term bottoming. Otherwise, outlook will remain bearish in case of recovery.

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 was formed at 1.2555 already. Decline from there should extend further. Break of 38.2% retracement of 1.0339 to 1.2555 at 1.1708 will target 61.8% retracement at 1.1186. For now, even in case of rebound, we won’t consider the fall from 1.2555 as finished as long as 55 day EMA (now at 1.2162) holds.

Daily Pivots: (S1) 1.1793; (P) 1.1866 (R1) 1.1912; More….

Despite breaching 1.1822 support, there is no follow through selling seen in EUR/USD yet. Nonetheless, intraday bias remains on the downside side. The decline from 1.2555 is seen as resuming for 1.1708 medium term fibonacci level next. Break will target 1.1553 support. And, on the upside, break of 1.1995 resistance is needed to indicate short term bottoming. Otherwise, outlook will remain bearish in case of recovery.

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 was formed at 1.2555 already. Decline from there should extend further. Break of 38.2% retracement of 1.0339 to 1.2555 at 1.1708 will target 61.8% retracement at 1.1186. For now, even in case of rebound, we won’t consider the fall from 1.2555 as finished as long as 55 day EMA (now at 1.2162) holds.

Daily Pivots: (S1) 1.1903; (P) 1.1950 (R1) 1.1975; More….

EUR/USD drops to as low as 1.1819 so far today. Breach of 1.1822 indicate that recovery from there has completed at 1.1995 already. And larger decline from 1.2555 is resuming. Intraday bias is back on the downside for 1.1708 medium term fibonacci level next. Break will target 1.1553 support. On the upside, break of 1.1995 resistance is needed to indicate short term bottoming. Otherwise, outlook will remain bearish in case of recovery.

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 was formed at 1.2555 already. Decline from there should extend further. Break of 38.2% retracement of 1.0339 to 1.2555 at 1.1708 will target 61.8% retracement at 1.1186. For now, even in case of rebound, we won’t consider the fall from 1.2555 as finished as long as 55 day EMA (now at 1.2162) holds.

Daily Pivots: (S1) 1.1903; (P) 1.1950 (R1) 1.1975; More….

EUR/USD’s recovery from 1.1822 short term bottom could have completed at 1.1995 already, ahead of 38.2% retracement of 1.2413 to 1.1822 at 1.2048. Intraday bias is turned back to the downside for retesting 1.1822 first. Break there will resume whole decline from 1.2555 and target 1.1708 medium term fibonacci level next. In case of another recovery as the correction extends, upside should be limited by 1.2048 to bring fall resumption eventually.

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 was formed at 1.2555 already. Decline from there should extend further. Break of 38.2% retracement of 1.0339 to 1.2555 at 1.1708 will target 61.8% retracement at 1.1186. For now, even in case of rebound, we won’t consider the fall from 1.2555 as finished as long as 55 day EMA (now at 1.2179) holds.

Daily Pivots: (S1) 1.1897; (P) 1.1932 (R1) 1.1974; More….

EUR/USD’s rebound from 1.1822 short term is still in progress and reaches as high as 1.1992 so far. Intraday bias remains on the upside for 38.2% retracement of 1.2413 to 1.1822 at 1.2048. We’d expect strong resistance from there to limit upside to bring fall resumption. On the downside, below 1.1932 minor support will turn bias to the downside for 1.1822 first. Break will resume the whole decline from 1.2555 and target 1.1708 medium term fibonacci level 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 was formed at 1.2555 already. Decline from there should extend further. Break of 38.2% retracement of 1.0339 to 1.2555 at 1.1708 will target 61.8% retracement at 1.1186. For now, even in case of rebound, we won’t consider the fall from 1.2555 as finished as long as 55 day EMA (now at 1.2179) holds.

Daily Pivots: (S1) 1.1897; (P) 1.1932 (R1) 1.1974; More….

EUR/USD’s rebound from 1.1822 short term bottom extends higher today. Intraday bias remains on the upside for 38.2% retracement of 1.2413 to 1.1822 at 1.2048. We’d expect strong resistance from there to limit upside to bring fall resumption. On the downside, below 1.1822 will resume the whole decline from 1.2555 and target 1.1708 medium term fibonacci level 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 was formed at 1.2555 already. Decline from there should extend further. Break of 38.2% retracement of 1.0339 to 1.2555 at 1.1708 will target 61.8% retracement at 1.1186. For now, even in case of rebound, we won’t consider the fall from 1.2555 as finished as long as 55 day EMA (now at 1.2179) holds.

EUR/USD dropped to 1.1822 last week but formed a short term bottom there and recovered. Initial bias stays on the upside this week for further rise. But upside should be limited by 38.2% retracement of 1.2413 to 1.1822 at 1.2048 to bring fall resumption. On the downside, below 1.1822 will resume the whole decline from 1.2555 and target 1.1708 medium term fibonacci level 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 was formed at 1.2555 already. Decline from there should extend further. Break of 38.2% retracement of 1.0339 to 1.2555 at 1.1708 will target 61.8% retracement at 1.1186. For now, even in case of rebound, we won’t consider the fall from 1.2555 as finished as long as 55 day EMA (now at 1.2179) holds.

In the long term picture, the rejection from 38.2% retracement of 1.6039 to 1.0339 at 1.2516 argues that long term down trend from 1.6039 (2008 high) might not be over yet. EUR/USD is also held below decade long trend line resistance. Focus will now turn to 1.1553 support. Break there would raise the chance of retesting 1.0339 low. It’s early to tell, but the chance of long term bullish reversal is fading.

Daily Pivots: (S1) 1.1856; (P) 1.1901 (R1) 1.1960; More….

EUR/USD’s rebound from 1.1822 extends to as high as 1.1958 so far. Intraday bias stays on the upside for 4 hour 55 EMA (now at 1.1963) and above. Nonetheless, such rebound is viewed as a corrective recovery. Therefore, upside should be limited by 38.2% retracement of 1.2413 to 1.1822 at 1.2048 to bring fall resumption. On the downside, below 1.1822 will resume the whole decline from 1.2555 and target 1.1708 medium term fibonacci level next.

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. With current downside acceleration, there is prospect of hitting 61.8% retracement at 1.1186 before completing the decline. But still, we’ll need to look at the structure before deciding if it’s a corrective or impulsive move.

Daily Pivots: (S1) 1.1856; (P) 1.1901 (R1) 1.1960; More….

With a short term bottom formed at 1.1822, further rebound is in favor in EUR/USD for 4 hour 55 EMA (now at 1.1962) and above. However, upside should be limited by 38.2% retracement of 1.2413 to 1.1822 at 1.2048 to bring fall resumption. Below 1.1822 will resume the whole decline from 1.2555 and target 1.1708 medium term fibonacci level next.

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. With current downside acceleration, there is prospect of hitting 61.8% retracement at 1.1186 before completing the decline. But still, we’ll need to look at the structure before deciding if it’s a corrective or impulsive move.

Daily Pivots: (S1) 1.1816; (P) 1.1857 (R1) 1.1891; More….

EUR/USD’s break of 1.1938 minor resistance indicates short term bottoming at 1.1822, on bullish convergence condition in 4 hour MACD. Intraday bias is back on the upside for further recovery to 4 hour 55 EMA (now at 1.1971) and above. Though, we’d expect strong resistance form 38.2% retracement of 1.2413 to 1.1822 at 1.2048 to limit upside and bring another fall. On the downside, below 1.1822 will resume the whole decline from 1.255 and target 1.1708 medium term fibonacci level next.

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. With current downside acceleration, there is prospect of hitting 61.8% retracement at 1.1186 before completing the decline. But still, we’ll need to look at the structure before deciding if it’s a corrective or impulsive move.

Daily Pivots: (S1) 1.1816; (P) 1.1857 (R1) 1.1891; More….

No change in EUR/USD’s outlook. Despite diminishing downside momentum, intraday bias stays on the downside with 1.1938 minor resistance intact. Current should extend to 261.8% projection of 1.2475 to 1.2214 from 1.2413 at 1.1730. As it will then be close to 1.1708 medium term fibonacci level, some support could be seen around 1.1708/30 to bring rebound. Meanwhile, break of 1.1938 should confirm short term bottoming, on bullish convergence condition in 4 hour MACD. And stronger rebound would be seen first.

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. With current downside acceleration, there is prospect of hitting 61.8% retracement at 1.1186 before completing the decline. But still, we’ll need to look at the structure before deciding if it’s a corrective or impulsive move.

Daily Pivots: (S1) 1.1821; (P) 1.1879 (R1) 1.1922; More….

EUR/USD continues to lose downside momentum as seen in 4 hour MACD. But with 1.1938 minor resistance intact, intraday bias stays on the downside for deeper fall. Current decline would target 261.8% projection of 1.2475 to 1.2214 from 1.2413 at 1.1730. As it will then be close to 1.1708 medium term fibonacci level, some support could be seen around 1.1708/30 to bring rebound. Meanwhile, break of 1.1938 should confirm short term bottoming, on bullish convergence condition in 4 hour MACD. And stronger rebound would be seen first.

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. With current downside acceleration, there is prospect of hitting 61.8% retracement at 1.1186 before completing the decline. But still, we’ll need to look at the structure before deciding if it’s a corrective or impulsive move.

Daily Pivots: (S1) 1.1821; (P) 1.1879 (R1) 1.1922; More….

Intraday bias in EUR/USD remains on the downside at this point. Current fall is in progress to 261.8% projection of 1.2475 to 1.2214 from 1.2413 at 1.1730. As it will then be close to 1.1708 medium term fibonacci level, some support could be seen around 1.1708/30 to bring rebound. Though, break of 1.1938 minor resistance is needed to be the first sign of short term bottoming. Otherwise, outlook will remain bearish in case of recovery.

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. With current downside acceleration, there is prospect of hitting 61.8% retracement at 1.1186 before completing the decline. But still, we’ll need to look at the structure before deciding if it’s a corrective or impulsive move.

Daily Pivots: (S1) 1.1887; (P) 1.1933 (R1) 1.1968; More….

EUR/USD’s decline continues to as low as 1.1850 so far. Intraday bias remains on the downside for 261.8% projection of 1.2475 to 1.2214 from 1.2413 at 1.1730. It will be close to 1.1708 medium term fibonacci level. And some support could be seen around 1.1708/30 to bring rebound. Though, break of 1.1938 minor resistance is needed to be the first sign of short term bottoming. Otherwise, outlook will remain bearish in case of recovery.

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. With current downside acceleration, there is prospect of hitting 61.8% retracement at 1.1186 before completing the decline. But still, we’ll need to look at the structure before deciding if it’s a corrective or impulsive move.

Daily Pivots: (S1) 1.1887; (P) 1.1933 (R1) 1.1968; More….

Downside momentum in EUR/USD remains unconvincing as seen in 4 hour MACD. But with 1.1977 minor resistance intact, intraday bias remains on the downside. Break of 200% projection of 1.2475 to 1.2214 from 1.2413 at 1.1891 will target 261.8% projection at 1.1730. Though, break of 1.1977 will suggest short term bottoming. In that case, intraday bias will be turned to the upside for 4 hour 55 EMA (now at 1.2036) or above for rebound.

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. With current downside acceleration, there is prospect of hitting 61.8% retracement at 1.1186 before completing the decline. But still, we’ll need to look at the structure to before deciding if it’s a corrective or impulsive move.

Daily Pivots: (S1) 1.1914; (P) 1.1955 (R1) 1.1999; More….

EUR/USD reaches as low as 1.1897 so far as recent decline continues. Intraday bias remains on the downside for 200% projection of 1.2475 to 1.2214 from 1.2413 at 1.1891. Firm break will target 261.8% projection at 1.1730. Meanwhile, considering diminishing downside momentum as seen in 4 hour MACD, break of 1.1977 minor resistance will indicate short term bottoming. In that case, intraday bias will be turned to the upside for 4 hour 55 EMA (now at 1.2064) or above for rebound.

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. With current downside acceleration, there is prospect of hitting 61.8% retracement at 1.1186 before completing the decline. But still, we’ll need to look at the structure to before deciding if it’s a corrective or impulsive move.

Daily Pivots: (S1) 1.1914; (P) 1.1955 (R1) 1.1999; More….

Downside momentum in EUR/USD continues to diminish with 4 hour MACD staying above signal line. But with 1.2008 minor resistance intact, intraday bias remains on the downside for 200% projection of 1.2475 to 1.2214 from 1.2413 at 1.1891. Break will target 261.8% projection at 1.1730. On the upside, though, break of 1.2008 minor resistance will indicate short term bottoming and bring stronger rebound back to 4 hour 55 EMA (now at 1.2064) or above.

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. With current downside acceleration, there is prospect of hitting 61.8% retracement at 1.1186 before completing the decline. But still, we’ll need to look at the structure to before deciding if it’s a corrective or impulsive move.

EUR/USD’s decline extended to as low as 1.1966 last week. While downside momentum has been diminishing, there is no sign of bottoming yet. Initial bias remains on the downside this week for 200% projection of 1.2475 to 1.2214 from 1.2413 at 1.1891. Break will target 261.8% projection at 1.1730. On the upside, though, break of 1.2008 minor resistance will indicate short term bottoming and bring stronger rebound back to 4 hour 55 EMA (now at 1.2077) or above.

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. With current downside acceleration, there is prospect of hitting 61.8% retracement at 1.1186 before completing the decline. But still, we’ll need to look at the structure to before deciding if it’s a corrective or impulsive move.

In the long term picture, the rejection from 38.2% retracement of 1.6039 to 1.0339 at 1.2516 argues that long term down trend from 1.6039 (2008 high) might not be over yet. EUR/USD is also held below decade long trend line resistance. Focus will now turn to 1.1553 support. Break there would raise the chance of retesting 1.0339 low. It’s early to tell, but the chance of long term bullish reversal is fading.

Daily Pivots: (S1) 1.1954; (P) 1.1981 (R1) 1.2015; More….

EUR/USD’s decline extends in early US session and reaches as low as 1.1916 so far. Intraday bias remains on the downside for 200% projection of 1.2475 to 1.2214 from 1.2413 at 1.1891. Break will target 261.8% projection at 1.1730. On the upside, though, break of 1.1993 minor resistance will indicate short term bottoming and bring stronger rebound back to 4 hour 55 EMA (now at 1.2086) or above.

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. With current downside acceleration, there is prospect of hitting 61.8% retracement at 1.1186 before completing the decline. But still, we’ll need to look at the structure to before deciding if it’s a corrective or impulsive move.

Daily Pivots: (S1) 1.1954; (P) 1.1981 (R1) 1.2015; More….

While EUR/USD continues to lose downside momentum as seen in 4 hour MACD, there is no sign of a rebound yet. Intraday bias remains on the downside. Current fall should target 200% projection of 1.2475 to 1.2214 from 1.2413 at 1.1891. Break will target 261.8% projection at 1.1730. On the upside, though, break of 1.2031 will indicate short term bottoming and bring stronger rebound back to 4 hour 55 EMA (now at 1.2090) or above.

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. With current downside acceleration, there is prospect of hitting 61.8% retracement at 1.1186 before completing the decline. But still, we’ll need to look at the structure to before deciding if it’s a corrective or impulsive move.