Daily Pivots: (S1) 1.1260; (P) 1.1285; (R1) 1.1321; More…..
Intraday bias in EUR/USD remains neutral at this point and further decline is expected with 1.1341 resistance intact. On the downside, break of 1.1249 will target 1.1215 low first. Break will resume larger down trend from 1.2555 to 1.1186 fibonacci level. However, considering mild bullish convergence condition in 4 hour MACD, break of 1.1341 resistance will suggest short term bottoming. Intraday bias will be turned back to the upside to extend the consolidation from 1.1215 with another rising leg.
In the bigger picture, as long as 1.1814 resistance holds, down trend down trend from 1.2555 medium term top is still in progress and should target 61.8% retracement of 1.0339 (2017 low) to 1.2555 at 1.1186 next. Sustained break there will pave the way to retest 1.0339. However, break of 1.1814 will confirm completion of such down trend and turn medium term outlook bullish.
