Daily Pivots: (S1) 1.1138; (P) 1.1159; (R1) 1.1171; More…..
EUR/USD’s selloff gathers momentum again today and focus is immediately on 1.1111 low. Decisive break there will resume larger down trend from 1.2555. Next target will be 100% projection of 1.1448 to 1.1183 from 1.1324 at 1.1059. Nevertheless, on the upside, above 1.1186 minor resistance will delay the bearish case and bring another recovery 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.
