Daily Pivots: (S1) 1.0547; (P) 1.0571 (R1) 1.0605; More…..
EUR/USD’s recovery from 1.0493 temporary low continues today but stays below 1.0678 resistance. Intraday bias stays neutral first with a mild bearish outlook. We’re viewing fall from 1.0828 as resuming the larger down trend. Below 1.0493 will target 1.0339 low first. Break will confirm our bearish view and target parity. However, break of 1.0678 will dampen our view and turn focus back to 1.0828 resistance instead.
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.