Daily Pivots: (S1) 1.0600; (P) 1.0635 (R1) 1.0675; More…..
With 1.0453 minor support intact, further rise is expected in EUR/USD for 1.0872 resistance and above. But after all, rise from 1.0339 is seen as a corrective move. Below 1.0453 will argue that it’s completed and turn bias back to the downside for 1.0339 support. Break there will extend the larger down trend towards parity.
In the bigger picture, whole down trend from 1.6039 (2008 high) is in progress. Such down trend is expected to extend to 61.8% projection of 1.3993 to 1.0461 from 1.1298 at 0.9115. On the upside, break of 1.1298 resistance is needed to confirm medium term bottoming. Otherwise, outlook will stay bearish in case of rebound.
Subscribe to our daily and mid-day newsletter to get this report delivered to your mail box
