Daily Pivots: (S1) 1.0874; (P) 1.0911; (R1) 1.0936; More…
Intraday bias in EUR/USD remains on the downside with 1.0958 minor resistance intact. Current down trend is in progress for 1.0813 fibonacci level next. On the upside, break of 1.0958 minor resistance will turn intraday bias neutral again. But outlook will remain bearish as long as 1.1109 resistance holds.
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 confirm medium term bottoming. Otherwise, outlook will stay bearish in case of rebound.
