Daily Pivots: (S1) 1.0893; (P) 1.0918; (R1) 1.0957; More…
A temporary low was formed at 1.0879 in EUR/USD with current recovery. Intraday bias is turned neutral for some consolidations first. But outlook remains bearish as long as 1.1109 resistance holds. Medium term down trend is expected to continue and break of 1.0879 will target 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 confirm medium term bottoming. Otherwise, outlook will stay bearish in case of rebound.
