Daily Pivots: (S1) 1.1116; (P) 1.1154; (R1) 1.1176; More…
EUR/USD’s focus is now on 1.1133 minor support. Break will indicate completion of rebound from 1.1026. Intraday bias will be turned bias back to the downside for 1.1026. Break of 1.1026 will extend the downtrend from 1.2555. IN case of another rise, we’d expect strong resistance from 1.1282 to limit upside.
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.
