Daily Pivots: (S1) 1.0763; (P) 1.0788 (R1) 1.0816; More…
Range trading continues in EUR/USD and intraday bias remains neutral first. Further decline is expected with 1.0922 resistance intact. On the downside, firm break of 1.0756 will resume larger down trend to 100% projection of 1.1494 to 1.0805 from 1.1184 at 1.0495. However, break of 1.0922 will turn bias back to the upside for stronger rebound towards 1.1184 resistance instead.
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 extending term range trading first.
