Daily Pivots: (S1) 1.1555; (P) 1.1612 (R1) 1.1641; More…..
EUR/USD is still bounded in consolidation pattern from 1.1509 and intraday bias stays neutral. Nonetheless, break of 1.1574 minor support will be the first sign of downside breakout. That would bring retest of 1.1507/9 support zone first. Decisive break there will resume larger down trend from 1.2555 through 50% retracement of 1.0339 to 1.2555 at 1.1447. Again, in case of another recovery, upside should be limited by 1.1851 resistance to bring fall resumption eventually.
In the bigger picture, 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.
