Daily Pivots: (S1) 1.1319; (P) 1.1344; (R1) 1.1363; More…..
EUR/USD is losing some downside momentum as seen in 4 hour MACD. But further decline is expected with 1.1380 minor resistance intact. Firm break of 1.1289 support will argue that corrective pattern from 1.1251 has completed. And, in that case, larger decline from 1.2555 is ready to resume through 1.1251 low. On the upside, above 1.1380 minor resistance would probably extend the correction pattern with another rise towards 1.1569 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.
