Daily Pivots: (S1) 1.0959; (P) 1.0986; (R1) 1.1009; More…
EUR/USD’s break of 1.0992 indicates resumption of fall from 1.12390. Also, corrective rebound from 1.0879 should have completed already. Intraday bias stays on the downside for retesting 1.0879 low. On the upside, above 1.1013 minor resistance will turn intraday bias neutral first. But recovery should be limited below 1.1095 resistance to bring another fall.
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.
