Daily Pivots: (S1) 1.1079; (P) 1.1098; (R1) 1.1125; More…..
EUR/USD’s rebound from 1.0126 extends higher today. Break of 1.1162 resistance suggests short term bottoming. Intraday bias is back on the upside for 55 day EMA (now at 1.1216) and above. But upside should be limited by 1.1282 resistance to bring fall resumption. On the downside, break of 1.1026 will extend the downtrend from 1.2555.
In the bigger picture, current development suggests that down trend from 1.2555 (2018) is in progress and extending. Prior rejection of 55 week EMA also maintained bearishness. Further fall should be seen to 78.6% retracement of 1.0339 to 1.2555 at 1.0813. Decisive break there will target 1.0339 (2017 low). On the upside, break of 1.1412 resistance is needed to indicate medium term bottoming. Otherwise, outlook will stay bearish in case of rebound.
