Daily Pivots: (S1) 1.0760; (P) 1.0791 (R1) 1.0812; More…
EUR/USD’s decline resumed after brief recovery and intraday bias is back on the downside. Firm break of 61.8% projection of 1.1494 to 1.0805 from 1.1184 at 1.0758 will pave the way to 100% projection at 1.0495. On the upside, break of 1.0922 resistance is needed to indicate short term bottoming. Otherwise, outlook will remain bearish in case of recovery.
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.
