Daily Pivots: (S1) 1.1113; (P) 1.1138; (R1) 1.1157; More…..
With 4 hour MACD crossed above signal line, a temporary low is in place at 1.1111 in EUR/USD. Intraday bias is turned neutral for some consolidations. But recovery should be limited below 1.1324 resistance to bring fall resumption. On the downside, break of 1.1111 will resume the down trend to 100% projection of 1.1448 to 1.1183 from 1.1324 at 1.1059. Break will target 161.8% projection at 1.0895.
In the bigger picture, down trend from 1.2555 is now resuming with break of 61.8% retracement of 1.0339 (2016 low) to 1.2555 (2018 high) at 1.1186. Medium term also remains with EUR/USD staying well below falling 55 week EMA. Next downside target will be 78.6% retracement at 1.0813. Sustained break there will pave the way to retest 1.0339. On the downside, break of 1.1448 resistance is needed to be the first sign of medium term bottoming. Otherwise, outlook will stay bearish in case of rebound.
