Daily Pivots: (S1) 1.1147; (P) 1.1165; (R1) 1.1176; More…..
No change in EUR/USD’s outlook and intraday bias remains mildly on the downside. Consolidation pattern from 1.1111 has completed at 1.1263, after hitting 55 day EMA. Deeper fall should be seen to retest 1.1111 first. Break will resume larger down trend for 100% projection of 1.1448 to 1.1183 from 1.1324 at 1.1059. Though, on the upside, above 1.1224 minor resistance will turn bias back to the upside to extend the consolidation from 1.1111 first.
In the bigger picture, down trend from 1.2555 (2018 high) is still in progress. Such decline would target 78.6% retracement of 1.0339 (2016 low) to 1.2555 (2018 high) at 1.0813 next. Sustained break there will pave the way to retest 1.0339. On the upside, 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.