Daily Pivots: (S1) 1.1313; (P) 1.1336; (R1) 1.1372; More…..
EUR/USD rebounds further today but stays in range of 1.1267/1472 and intraday bias remains neutral. On the downside, break of 1.1267 will suggest that larger decline is resuming and target 1.1251 low next. Decisive break there will confirm this bearish case. EUR/USD should drop through 1.1186 fibonacci level to 61.8% projection of 1.2555 to 1.1300 from 1.1814 at 1.1038 next. However, break of 1.1472 resistance will indicate near term reversal and turn focus back to 1.1814 resistance.
In the bigger picture, as long as 1.1814 resistance holds, down trend down trend from 1.2555 medium term top is still in progress 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. However, break of 1.1814 will confirm completion of such down trend and turn medium term outlook bullish.
