Daily Pivots: (S1) 1.1035; (P) 1.1060; (R1) 1.1099; More…
EUR/USD’s rebound from 1.0879 extends higher and further rise could be seen. But still, it’s seen as a corrective move and upside should be limited by 1.1109 resistance to bring down trend resumption. On the downside, break of 1.0991 minor support should confirm completion of the recovery and turn bias to the downside for retesting 1.0879 low first. However, firm break of 1.1109 will be an early sign of medium term bottoming and target 1.1412 key resistance next.
In the bigger picture, down trend from 1.2555 (2018 high) is in progress. 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 confirm medium term bottoming. Otherwise, outlook will stay bearish in case of rebound.
