Daily Pivots: (S1) 1.0957; (P) 1.0978; (R1) 1.0999; More…
Intraday bias in EUR/USD remains neutral at this point. Consolidations from 1.0879 is extending and further rise cannot be ruled out. But upside of recovery should be limited by 1.1109 resistance. On the downside, break of 1.0879 will resume larger down trend to 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.
