Daily Pivots: (S1) 1.0937; (P) 1.0996 (R1) 1.1031; More…
Intraday bias in EUR/USD remains neutral at this point. With 1.0943 minor support intact, rebound from 1.0805 could still extend higher. Break of 1.1184 resistance will target 38.2% retracement of 1.2265 to 1.0805 at 1.1363. However, break of 1.0943 will revive near term bearishness and bring retest of 1.0805 low first. Further break of 1.0805 will resume larger down trend from 1.2348.
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 extending term range trading first.
