Daily Pivots: (S1) 1.1177; (P) 1.1193 (R1) 1.1218; More…..
EUR/USD is staying in consolidation from 1.1111 and intraday bias remains neutral for the moment. As long as 1.1324 resistance holds, near term outlook remains cautiously bearish and further decline is expected. On the downside, break of 1.1111 low will target 100% projection of 1.1569 to 1.1176 from 1.1448 at 1.1105 next.
In the bigger picture, down trend from 1.2555 (2018 high) is still in progress. 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.
