Daily Pivots: (S1) 1.1277; (P) 1.1301; (R1) 1.1322; More…..

EUR/USD’s break of 1.1250 minor support suggests that corrective recovery from 1.1183 has completed at 1.1324 already. Intraday bias is turned back to the downside for 1.1176 key support. Decisive break there will resume whole down trend form 1.2555. On the upside, though, break of 1.1324 will turn bias back to the upside to extend the recovery.

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In the bigger picture, EUR/USD has been losing downside momentum around 61.8% retracement of 1.0339 (2016 low) to 1.2555 (2018 high) at 1.1186. But for now, there is no clear sign of medium term reversal yet. Downside from 1.2555 is expected to resume sooner or later as long as 1.1569 structural resistance holds. Decisive break of 1.1186. could pave the way back to 1.0339 low.


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