Daily Pivots: (S1) 1.0998; (P) 1.1012; (R1) 1.1036; More…
Intraday bias in EUR/USD remains neutral for consolidation above 1.0989 temporary low. But further decline will remain in favor as long as 1.1073 resistance holds. Corrective rebound from 1.0879 should have completed at 1.1175 already. Below 1.0989 will extend the fall from 1.1173 to retest 1.0879 low. Break will resume larger down trend from 1.2555. On the upside, above 1.1073 minor resistance will turn bias back to the upside for 1.1175 resistance.
In the bigger picture, at this point, rebound from 1.0879 is seen as a corrective move first. in case of another rise, upside should be limited by 38.2% retracement of 1.2555 to 1.0879 at 1.1519. And, down trend from 1.2555 (2018 high) would resume at a later stage. However, sustained break of 1.1519 will dampen this bearish view and bring stronger rise to 61.8% retracement at 1.1915 next.
