Daily Pivots: (S1) 1.1301; (P) 1.1323; (R1) 1.1346; More…..
EUR/USD’s rebound from 1.1176 extends higher today and further rise cannot be ruled out. But still, such rise is seen as a corrective move. Upside should be limited below 1.1419 resistance to bring down trend resumption. On the downside, below 1.1294 minor support will turn bias to the downside for 1.1176 low first. Break of 1.1176 will target 100% projection of 1.1814 to 1.1215 from 1.1569 at 1.0970 next.
In the bigger picture, down trend from 1.2555 medium term top is still in progress. Bearishness is affirmed by sustained trading below falling 55 week EMA. 61.8% retracement of 1.0339 (2017 low) to 1.2555 at 1.1186 is met. Sustained break there will pave the way to retest 1.0339. On the upside, break of 1.1569 resistance will now indicate completion of such down trend and turn medium term outlook bullish.
