Daily Pivots: (S1) 1.1026; (P) 1.1074; (R1) 1.1114; More…
EUR/USD falls to as low as 1.1008 so far and intraday stays on the downside. Current fall is part of the down trend from 1.2348. Next target is 61.8% projection of 1.2265 to 1.1120 from 1.1494 at 1.0786. On the upside, above 1.1142 minor resistance will turn intraday bias neutral and bring consolidations first, before staging another decline.
In the bigger picture, the decline from 1.2348 (2021 high) is expected to continue as long as 1.1494 resistance holds. 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. Nevertheless, break of 1.1494 will maintain medium term neutral outlook, and extend range trading first.
