Daily Pivots: (S1) 1.0474; (P) 1.0558 (R1) 1.0623; More…
EUR/USD recovers ahead of 1.0470 support and intraday bias remains neutral at this point. Still, outlook stays bearish with 1.0756 support turned resistance intact. On the downside, break of 1.0470 will resume larger down trend. Next target will be 161.8% projection of 1.1494 to 1.0805 from 1.1184 at 1.0069.
In the bigger picture, the decline from 1.2348 (2021 high) is expected to continue as long as 1.1185 support turned resistance holds. The break of 1.0635 (2020 low) now raises the chance that it’s resuming long term down trend from 1.6039 (2008 high). Retest of 1.0339 (2017 low) low should be seen next. Decisive break there will confirm this bearish case.
