Daily Pivots: (S1) 1.0668; (P) 1.0741 (R1) 1.0786; More…
EUR/USD’s decline is still in progress and intraday bias remains on the downside. Current down trend should target 100% projection of 1.1494 to 1.0805 from 1.1184 at 1.0495 next. On the upside, break of 1.0935 resistance is needed to indicate short term bottoming. Otherwise, outlook will stay bearish in case of recovery.
In the bigger picture, the decline from 1.2348 (2021 high) is expected to continue as long as 1.1185 support turned 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 1.1185 will maintain medium term neutral outlook, and extending term range trading first.
