Daily Pivots: (S1) 1.1035; (P) 1.1060; (R1) 1.1099; More…
EUR/USD rises to as high as 1.1139 so far and break of 1.1109 resistance is taken as first sign of medium term bottoming at 1.0879. Intraday bias is now on the upside for 1.1412 key resistance. In any case, further rise will now remain in favor as long as 1.0991 support holds. Though, break of 1.0991 will turn focus back to 1.0879 low.
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.
