Daily Pivots: (S1) 1.1339; (P) 1.1356; (R1) 1.1377; More…..
No change in EUR/USD’s outlook. With 1.1391 minor resistance intact, further decline is expected to 1.1307 support. The corrective rise from 1.1215 should have completed at 1.1569. Break of 1.1307 should resume larger down trend through 1.1215 low. On the upside, above 1.1391 minor resistance will dampen this bearish case and turn intraday bias back to the upside for stronger rebound.
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.