Daily Pivots: (S1) 1.1037; (P) 1.1100 (R1) 1.1139; More…..
Intraday bias in EUR/USD remains on the downside for the moment. Current fall is part of the down trend from 1.2555. Next near term target is 161.8% projection of 1.1412 to 1.1193 from 1.1282 at 1.0928. On the upside, break of 1.1162 resistance is needed to indicate short term bottoming. Otherwise, outlook will remain bearish in case of recovery.
In the bigger picture, current development suggests that down trend from 1.2555 (2018) is in progress and extending. Prior rejection of 55 week EMA also maintained bearishness. Further fall should be seen to 78.6% retracement of 1.0339 to 1.2555 at 1.0813. Decisive break there will target 1.0339 (2017 low). On the upside, break of 1.1412 resistance is needed to indicate medium term bottoming. Otherwise, outlook will stay bearish in case of rebound.
