Daily Pivots: (S1) 1.1080; (P) 1.1110; (R1) 1.1155; More…
Intraday bias in EUR/USD remains on the upside for the moment. Prior break of 1.1109 resistance is taken as first sign of medium term bottoming at 1.0879. Further rise would be seen to 1.1412 key resistance. On the downside, break of 1.1085 minor support will turn intraday bias neutral and bring consolidations first.
In the bigger picture, down trend from 1.2555 (2018 high) is in progress. Prior rejection of 55 week EMA also maintained bearishness. Further fall should be seen to 78.6% retracement of 1.0339 to 1.2555 at 1.0813. Decisive break there will target 1.0339 (2017 low). On the upside, break of 1.1412 resistance is needed to confirm medium term bottoming. Otherwise, outlook will stay bearish in case of rebound.
