Daily Pivots: (S1) 1.1411; (P) 1.1438; (R1) 1.1482; More…..
At this point, EUR/USD is still limited below 1.1499 resistance. Near term outlook remains bearish for further decline. On the downside break of 1.1363 minor support will turn bias to the downside for retesting 1.1215 low first. However, on the upside, firm break of 1.1499 will indicate near term reversal and turn outlook bullish for 1.1814 resistance again.
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 strong rebound.
