Daily Pivots: (S1) 1.1343; (P) 1.1375; (R1) 1.1398; More…..

EUR/USD drops notably today and focus is back on 1.1316 minor support. Firm break there will indicate completion of rebound from 1.1234. In such case, intraday bias will be turned back to the downside for retesting 1.1215 low. On the upside, break of 1.1410 resistance will extend the rebound from 1.1234, which is a leg in the consolidation pattern from 1.1215, to 1.1514 resistance next.

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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.

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