Daily Pivots: (S1) 1.1716; (P) 1.1762 (R1) 1.1792; More…..

intraday bias in EUR/USD remains neutral first as range trading continue. On the downside, break of 1.1713 minor support suggest completion of the correction fro 1.1509. Intraday would be turned back to the downside to resume larger fall from 1.2555, through 1.1509 to 50% retracement of 1.0339 to 1.2555 at 1.1447. In case of another rise, upside should be limited by 1.1995 resistance to bring reversal.

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In the bigger picture, current development suggests that EUR/USD was rejected by 38.2% retracement of 1.6039 (2008 high) to 1.0339 (2017 low) at 1.2516. And, a medium term top was formed at 1.2555 already. Decline from there should extend further to 61.8% retracement of 1.0339 to 1.2555 at 1.1186 and below. For now, even in case of rebound, we won’t consider the fall from 1.2555 as finished as long as 1.1995 resistance holds.

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