Daily Pivots: (S1) 1.0135; (P) 1.0204; (R1) 1.0252; More…
EUR/USD’s rebound from 0.9951 resumes after brief retreat. Intraday bias is back on the upside for 1.0348 1.0348 support turned resistance, and then channel resistance at 1.0514. Nevertheless, break of 1.0118 minor support will argue that larger down trend is ready to resume, and should bring retest of 0.9951 low first.
In the bigger picture, down trend from 1.6039 (2008 high) is still in progress. Next target is 100% projection of 1.3993 to 1.0339 from 1.2348 at 0.8694. In any case, outlook will stay bearish as long as 1.0773 resistance holds, in case of rebound.
