Daily Pivots: (S1) 1.1005; (P) 1.1015; (R1) 1.1032; More

EUR/USD’s decline resumes after brief consolidation and intraday bias back on the downside for 1.0981 support. Decisive break there should confirm completion of corrective rise from 1.0879 at 1.1239. Further fall should then be seen to retest 1.0879 low. In any case, near term outlook will stay bearish as long as 1.1085 support turned resistance holds, in case of recovery.

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In the bigger picture, rebound from 1.0879 is seen as a corrective move at this point. In case of another rise, upside should be limited by 38.2% retracement of 1.2555 to 1.0879 at 1.1519. And, down trend from 1.2555 (2018 high) would resume at a later stage. However, sustained break of 1.1519 will dampen this bearish view and bring stronger rise to 61.8% retracement at 1.1915 next.

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