Daily Pivots: (S1) 1.1483; (P) 1.1515; (R1) 1.1550; More…..

EUR/USD’s break of 1.1549 minor resistance indicates short term bottoming at 1.1431. Intraday bias is back on the upside for further rebound, to 55 day EMA (now at 1.1617) and possibly above. But upside should be limited by 1.17799/1814 resistance zone to bring down trend resumption finally. On the downside, below 1.1431 will resume the fall from 1.1814 to retest 1.1300 low.

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In the bigger picture, corrective pattern from 1.1300 could have completed at 1.1814 after hitting 38.2% retracement of 1.2555 to 1.1300 at 1.1779. Decisive break of 1.1300 will resume the down trend from 1.2555 to 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 will delay the bearish case and extend the correction from 1.1300 with another rise before completion.

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