Daily Pivots: (S1) 1.0855; (P) 1.0962; (R1) 1.1037; More…
EUR/USD’s decline continues today and intraday bias stays on the downside for 61.8% projection of 1.2265 to 1.1120 from 1.1494 at 1.0786. Sustained break there will target 100% projection at 1.0349 next. On the upside, above 1.1007 minor resistance will turn intraday bias neutral and bring consolidations first, before staging another decline.
In the bigger picture, the decline from 1.2348 (2021 high) is expected to continue as long as 1.1494 resistance holds. Firm break of 1.0635 (2020 low) will raise the chance of long term down trend resumption and target a retest on 1.0339 (2017 low) next. Nevertheless, break of 1.1494 will maintain medium term neutral outlook, and extend range trading first.
