Daily Pivots: (S1) 1.0992; (P) 1.1010; (R1) 1.1027; More…
Downside momentum in EUR/USD is a bit unconvincing for the moment, as seen in 4 hour MACD. But further decline is still expected as long as 1.1085 support turned resistance holds. Decisive break of 1.0981 support should confirm completion of corrective rise from 1.0879 at 1.1239. Further fall should then be seen to retest 1.0879 low.
In the bigger picture, rebound from 1.0879 is seen as a corrective move at this point. 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.
