Daily Pivots: (S1) 1.1003; (P) 1.1040; (R1) 1.1065; More…
EUR/USD is still bounded in consolidation from 1.0926. Intraday bias remains neutral first. Outlook remains bearish as long as 1.1164 resistance holds. Firm break of 1.0926 will resume lager down trend from 1.2555 for 1.0813 fibonacci level next. However, decisive break of 1.1164 will be an early indication of larger reversal and target 1.1249 resistance.
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.
