Daily Pivots: (S1) 1.0602; (P) 1.0671 (R1) 1.0705; More…
EUR/USD’s decline is still in progress and intraday bias stays on the downside for 100% projection of 1.1494 to 1.0805 from 1.1184 at 1.0495. Firm break there will pave the way to 161.8% projection at 1.0069. On the upside, above 1.0756 minor resistance will turn intraday bias neutral first. But outlook will stay bearish as long as 1.0935 resistance holds, in case of recovery.
In the bigger picture, the decline from 1.2348 (2021 high) is expected to continue as long as 1.1185 support turned 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 1.1185 will maintain medium term neutral outlook, and extending term range trading first.
