Daily Pivots: (S1) 1.1216; (P) 1.1263; (R1) 1.1291; More…
EUR/USD’s fall from 1.1482 accelerates lower today and intraday bias remains on the downside. Firm break of 1.1185 support will resume larger down trend from 1.2348. Next target is 61.8% projection of 1.1908 to 1.1185 from 1.1482 at 1.1035. On the upside, above 1.1310 minor resistance will turn intraday bias back to the upside, and extend the consolidation from 1.1185 with another rise.
In the bigger picture, there are various ways of interpreting the fall from 1.2348 (2021 high). It could be a correction to rise from 1.0635 (2020 low), the fourth leg of a sideway pattern from 1.0339 (2017 low), or resuming long term down trend. In any case, outlook will now stay bearish as long as 1.1703 support turned resistance holds. Sustained break of 61.8% retracement of 1.0635 to 1.2348 at 1.1289 would pave the way back to 1.0635.
