Daily Pivots: (S1) 1.1192; (P) 1.1227; (R1) 1.1261; More…..
EUR/USD drops further to as low as 1.1186 so far today. Intraday bias remains on the downside for 1.1176 key support. Decisive break there will resume whole down trend form 1.2555. Next near term target will be 100% projection of 1.1448 to 1.1183 from 1.1324 at 1.1059. On the upside, above 1.1262 minor resistance will delay the bearish case and bring rebound first.
In the bigger picture, EUR/USD has been losing downside momentum around 61.8% retracement of 1.0339 (2016 low) to 1.2555 (2018 high) at 1.1186. But for now, there is no clear sign of medium term reversal yet. Down trend from 1.2555 is expected to resume sooner or later as long as 1.1569 structural resistance holds. Decisive break of 1.1186. could pave the way back to 1.0339 low.
