Daily Pivots: (S1) 1.1187; (P) 1.1201; (R1) 1.1220; More…..
EUR/USD recovers again ahead of 1.1176 low and intraday bias is turned neutral. As long as 1.1273 minor resistance holds, further decline is in favor. Sustained break of 1.1176 will resume whole decline from 1.2555. On the upside, however, break of 1.1273 support turned 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.
