Daily Pivots: (S1) 1.0646; (P) 1.0677 (R1) 1.0731; More…..
EUR/USD’s rebound from 1.0339 resumed today and reaches as high as 1.0749 so far. Intraday bias is back on the upside for further rise. At this point, rise from 1.0339 is seen as a corrective move and should be limited by 1.0872 resistance. On the downside, below 1.0588 minor support will argue that it’s completed and turn bias back to the downside for 1.0339 support.
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.