Daily Pivots: (S1) 1.0146; (P) 1.0201; (R1) 1.0271; More…
Range trading continues in EUR/USD and intraday bias remains neutral. Further rise is in favor this week as long as 1.0118 minor support holds. Above 1.0277 minor resistance will target 1.0348 support turned resistance. Sustained break there will bring stronger rebound back to channel resistance (now at 1.0493). On the downside, below 1.0118 will bring retest of 0.9951 low instead.
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 strong rebound.
