EUR/USD’s fall form 1.2081 is resuming by breaking 1.1408 support. Intraday bias is back on the downside. Further decline should be seen to 100% projection of 1.2081 to 1.1408 from 1.1848 at 1.1175. On the upside, above 1.1479 minor resistance will turn intraday bias neutral again first. But risk will remain on the downside as long as 1.1621 resistance holds, in case of recovery.
In the bigger picture, focus is back on 38.2% retracement of 1.0176 to 1.2081 at 1.1353. Decisive break there will revive the case of medium term bearish trend reversal after rejection by 1.2 key cluster resistance level. Further fall should be seen to 61.8% retracement at 1.0904. Nevertheless, strong rebound from 1.1353, followed by break of 1.1621 resistance, will retain medium term bullishness.
