Daily Pivots: (S1) 1.1266; (P) 1.1306; (R1) 1.1350; More…..
EUR/USD is staying in consolidation above 1.1215 temporary low and intraday bias remains neutral first. Upside of recovery should be limited below 1.1499 resistance to bring fall resumption. On the downside, break of 1.1214 will target 1.1186 fibonacci level first. Break will target 61.8% projection of 1.2555 to 1.1300 from 1.1814 at 1.1038 next.
In the bigger picture, down trend from 1.2555 medium term top has just resumed and should target 61.8% retracement of 1.0339 (2017 low) to 1.2555 at 1.1186 next. Sustained break there will pave the way to retest 1.0339. On the upside, break of 1.1814 resistance is now needed to confirm medium term bottoming. Otherwise, outlook will stay bearish in case of recovery.