Daily Pivots: (S1) 1.0031; (P) 1.0064; (R1) 1.0122; More…
EUR/USD’s break of 1.0121 minor resistance suggests short term bottoming at 0.9951. That comes after breaching parity and missing 100% projection of 1.1184 to 1.0348 from 1.0773 at 0.9937. Intraday bias is now mildly on the upside for 1.0348 support turned resistance. Break will target channel resistance at 1.0514. On the downside, firm break of 0.9951 will resume larger down trend to 161.8% projection at 0.9420.
In the bigger picture, down trend from 1.6039 (2008 high) is still in progress. Next target is 100% projection of 1.3993 to 1.0339 from 1.2348 at 0.8694. In any case, outlook will stay bearish as long as 1.0773 resistance holds, in case of rebound.
