Daily Pivots: (S1) 1.1240; (P) 1.1268; (R1) 1.1318; More…..
EUR/USD recovers after hitting 1.1215 and breached 1.1313 minor resistance. A temporary low is in place and intraday bias is turned neutral for consolidation. But upside of recovery should below limited below 1.1499 resistance to bring fall resumption . Break of 1.1214 will target 1.1186 fibonacci level first. Break will target 61.8% projection of 1.2555 to 1.1300 from 1.1814 at 1.1038 next.
In the bigger picture, down trend from 1.2555 medium term top has just resumed and should target 61.8% retracement of 1.0339 (2017 low) to 1.2555 at 1.1186 next. Sustained break there will pave the way to retest 1.0339. On the upside, break of 1.1814 resistance is now needed to confirm medium term bottoming. Otherwise, outlook will stay bearish in case of recovery.
