Daily Pivots: (S1) 1.1292; (P) 1.1312; (R1) 1.1336; More…..
Intraday bias in EUR/USD remains neutral for consolidation above 1.1273 temporary low. For now, another fall remains mildly in favor and break of 1.1273 will target a test on 1.1176 low. Decisive break there will resume whole decline from 1.2555. On the upside, above 1.1448 will resume the rebound from 1.1176 to 1.1569 resistance instead.
In the bigger picture, medium term outlooks is a bit mixed for now as there are conflicting signals. We’ll turn neutral first. On the downside, decisive break of 61.8% retracement of 1.0339 (2016 low) to 1.2555 (2018 high) at 1.1186 will resume the whole down trend from 1.2555. Next target will be 1.0339 low. Nevertheless, break of 1.1569 resistance should confirm medium term bottoming. Stronger rebound should be seen back to 38.2% retracement of 1.2555 to 1.1176 at 1.1703. In that case, the structure of the rise from 1.1176 and reaction to 1.1703 fibonacci level will be watched for making an assessment on whether medium term trend has reversed, or rebound form 1.1176 is merely a correction.