Daily Pivots: (S1) 1.1277; (P) 1.1308; (R1) 1.1359; More…..
A temporary low is formed at 1.1257 in EUR/USD with current recovery. Intraday bias is turned neutral for some consolidations. Upside should be limited below 1.1398 minor resistance to bring fall resumption. We’re holding on to the view that corrective pattern from 1.1215 has completed already. On the downside, below 1.1257 should see further decline through 1.1215 low to 1.1186 fibonacci level. However, break of 1.1398 will dampen this bearish view and bring stronger rebound back to 1.1514/69 resistance zone.
In the bigger picture, as long as 1.1814 resistance holds, down trend down trend from 1.2555 medium term top is still in progress 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. However, break of 1.1814 will confirm completion of such down trend and turn medium term outlook bullish.
