Daily Pivots: (S1) 1.1081; (P) 1.1120; (R1) 1.1147; More…
Intraday bias in EUR/USD remains on the downside at this point. Rebound from 1.1026 has completed at 1.1249 already, after failing to sustain above 55 day EMA. Firm break of 1.1026 will extend the downtrend from 1.2555. On the downside, above 1.1158 minor resistance will turn intraday bias back to the upside to extend the corrective. But in that case, we’d expect strong resistance from 1.1282 to limit upside.
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.
