Daily Pivots: (S1) 1.0630; (P) 1.0685 (R1) 1.0751; More…..
EUR/USD is still staying in consolidation inside range of 1.0588/0774. Intraday bias remains neutral for the moment. Choppy rise from 1.0339 is seen as a corrective move. Break of 1.0588 will indicate that such rise is completed and turn bias to the downside for retesting 1.0339 low. In case of extension, upside should be limited by 1.0872 resistance.
In the bigger picture, whole down trend from 1.6039 (2008 high) is in progress. Such down trend is expected to extend to 61.8% projection of 1.3993 to 1.0461 from 1.1298 at 0.9115. On the upside, break of 1.1298 resistance is needed to confirm medium term bottoming. Otherwise, outlook will stay bearish in case of rebound.
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