Daily Pivots: (S1) 1.1203; (P) 1.1225; (R1) 1.1240; More…..
Intraday bias in EUR/USD is turned neutral with today’s recovery and some consolidation could be seen. With 1.1285 minor resistance intact, further decline is in favor. Below 1.1209 will target 1.1176 low. Firm break there will resume whole decline from 1.2555. On the upside, however, break of 1.1285 minor resistance will turn bias back to the upside for 1.1448 instead.
In the bigger picture, medium term weakness was revived as the weak rebound from 1.1176 was rejected well below 55 week EMA and failed to sustain above 55 day EMA. Focus is back on 1.1176 low, with 61.8% retracement of 1.0339 (2016 low) to 1.2555 (2018 high) at 1.1186. Decisive break there will resume whole down trend from 1.2555. Such decline target 1.0339 low next. On the upside, firm break of 1.1569 resistance is needed to be the first sign of medium term bottoming. Otherwise, downside breakout will be in favor.
