Daily Pivots: (S1) 1.0769; (P) 1.0817; (R1) 1.0860; More…
Intraday bias in EUR/USD remains on the downside at this point. Deeper fall should be seen to retest 1.0635 low. Decisive break there will resume larger down trend. On the upside, above 1.0926 minor resistance will extend the correction from 1.0635. Intraday bias will be turned back to the upside for 61.8% retracement of 1.1496 to 1.0635 at 1.1167 again.
In the bigger picture, as long as 1.1496 resistance holds, whole down trend from 1.2555 (2018 high) should still be in progress. Next target is 1.0339 (2017 low). However, sustained break of 1.1496 will argue that such down trend has completed. Rise from 1.0635 could then be seen as the third leg of the pattern from 1.0339. In this case, outlook will be turned bullish for retesting 1.2555.
