Daily Pivots: (S1) 1.0957; (P) 1.1001; (R1) 1.1024; More…
Intraday bias in EUR/USD remains on the downside for retesting 1.0777 low. At this point, there is no clear sign of downside breakout yet. Corrective pattern from 1.0777 could still extend for a while. Break of 1.1045 will turn bias to the upside for recovery. However, sustained break of 1.0777 will confirm larger down trend resumption.
In the bigger picture, rebound from 1.0777 low faced heavy rejection from 38.2% retracement of 1.2555 to 1.0777 at 1.1456, as well as 55 month EMA. The development argues that price actions from 1.0777 medium term pattern are just corrective the down trend from 1.2555 (2018 high). Further decline is in favor to retest 1.0339 (2017 low). Nevertheless, sustained break of 1.1456 will raise the chance of medium term bullish reversal and target 61.8% retracement at 1.1876.
