Daily Pivots: (S1) 1.1243; (P) 1.1253; (R1) 1.1269; More…..
EUR/USD’s fall resumes after brief consolidation and reaches as low as 1.1213 so far. Intraday bias is back on the downside for 1.1176 key support. Decisive break there will resume whole down trend form 1.2555. For now, near term outlook will be cautiously bearish as long as 1.1324 resistance holds, in case of recovery.
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.
