Daily Pivots: (S1) 1.1029; (P) 1.1045; (R1) 1.1058; More…
EUR/USD drops notably today after failing to sustain above 4 hour 55 EMA. But it’s staying above 1.0926 and intraday bias remains neutral first. In case, correction from 1.0926 extends, upside should be limited below 1.1164 resistance to bring down trend resumption. On the downside, break of 1.0926 will resume lager down trend from 1.2555 for 1.0813 fibonacci level next.
In the bigger picture, down trend from 1.2555 (2018 high) is in progress. 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.
