Daily Pivots: (S1) 1.1356; (P) 1.1375; (R1) 1.1400; More…..
EUR/USD spikes lower to 1.1306 but quickly recovered. Intraday bias remains neutral first and some more consolidation could be seen. But still, further decline is expected as long as 1.1424 resistance holds. And, we’re still slightly favoring that corrective rise from 1.1215 should have completed at 1.1569. On the downside, break of 1.1306 will resume the fall from 1.1569 to retest 1.1215 low. However, break of 1.1424 resistance will argue that the corrective pattern from 1.1215 is extending with another rise. And, intraday bias will be turned to the upside for 1.1569 and above.
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.
