Daily Pivots: (S1) 1.1378; (P) 1.1407; (R1) 1.1432; More…..
EUR/USD’s break of 1.1358 suggests that fall from 1.1472 has resumed. Intraday bias is turned back to the downside for 1.1215 low first. Decisive break there will resume medium term down trend. On the upside, above 1.1421 will turn intraday bias neutral again. Overall, near term outlook stays bearish as long as 1.1499 resistance holds and further decline is expected.
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 strong rebound.
