Daily Pivots: (S1) 1.0941; (P) 1.0960; (R1) 1.0993; More…
With 4 hour MACD crossed above signal line, a temporary low is formed at 1.0926. Intraday bias in EUR/USD is turned neutral for consolidations first. Upside should be limited below 1.1164 resistance to bring fall resumption. Break of 1.0926 will target 100% projection of 1.1412 to 1.1026 from 1.1249 at 1.0683. However, firm break of 1.1164 will turn near term outlook bullish for 1.1412 key resistance.
In the bigger picture, down trend from 1.2555 (2018 high) 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.
