Daily Pivots: (S1) 1.0634; (P) 1.0671 (R1) 1.0693; More…..
EUR/USD’s breach of 1.0619 minor support finally suggests that the corrective rise from 1.0339 is completed at 1.0828. Intraday bias is back on the downside for retesting 1.0339 low first. Decisive break there will confirm resumption of medium term down trend. On the upside, however, above 1.0713 minor resistance will delay the bearish case and turn bias neutral first.
In the bigger picture, whole down trend from 1.6039 (2008 high) is in progress. Such down trend is expected to extend to 61.8% projection of 1.3993 to 1.0461 from 1.1298 at 0.9115. On the upside, break of 1.1298 resistance is needed to confirm medium term bottoming. Otherwise, outlook will stay bearish in case of rebound.