Daily Pivots: (S1) 1.1156; (P) 1.1187; (R1) 1.1204; More…..
Intraday bias in EUR/USD remains on the downside for 1.1111 low. Firm break there will resume larger down trend from 1.2555. Next target will be 100% projection of 1.1569 to 1.1176 from 1.1448 at 1.1105 next. On the upside, above 1.1187 minor resistance will turn intraday bias neutral for more consolidation. But in case of another recovery, upside should be limited below 1.1324 resistance to bring down trend resumption eventually.
In the bigger picture, down trend from 1.2555 (2018 high) has just resumed. Current fall should now target 78.6% retracement of 1.0339 (2016 low) to 1.2555 (2018 high) 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.
