Daily Pivots: (S1) 1.1739; (P) 1.1782 (R1) 1.1814; More….
EUR/USD’s fall extends to as low as 1.1721 so far today. Intraday bias remains on the downside for 38.2% retracement of 1.0339 to 1.2555 at 1.1708 medium term fibonacci level first. Decisive break there will target 50% retracement at 1.1447 next. On the upside, touching 1.1821 minor resistance will turn bias neutral and bring consolidations. But outlook will continue to stay bearish as long as 1.1995 resistance holds.
In the bigger picture, current development suggests that EUR/USD was rejected by 38.2% retracement of 1.6039 (2008 high) to 1.0339 (2017 low) at 1.2516. And, a medium term top was formed at 1.2555 already. Decline from there should extend further. Break of 38.2% retracement of 1.0339 to 1.2555 at 1.1708 will pave the way to 61.8% retracement at 1.1186. For now, even in case of rebound, we won’t consider the fall from 1.2555 as finished as long as 55 day EMA (now at 1.2113) holds.
