Daily Pivots: (S1) 1.1283; (P) 1.1321; (R1) 1.1341; More…
Break of 1.1265 minor support should confirm that EUR/USD’s rebound from 1.1120 has completed at 1.1494, after rejection by 1.1482 resistance. Intraday bias is back on the downside for retesting 1.1120 low first. Firm break there will resume larger down trend from 1.2348. Next target is 61.8% projection of 1.2265 to 1.1120 from 1.1494 at 1.0786. For now, risk will stay on the downside as long as 1.1394 minor resistance holds, in case of recovery.
In the bigger picture, the decline from 1.2348 (2021 high) is seen as a leg inside the range pattern from 1.2555 (2018 high). Sustained trading above 55 week EMA (now at 1.1593) will argue that it has completed and stronger rise would be seen back towards top of the range between 1.2348 and 1.2555. However, firm break of 1.0635 (2020 low) will raise the chance of long term down trend resumption and target a retest on 1.0339 (2017 low) next.
