Daily Pivots: (S1) 1.0929; (P) 1.0957; (R1) 1.0972; More…
Intraday bias in EUR/USD remains on the downside as fall from 1.1239 is in progress. Corrective rise from 1.0879 should have completed with three waves up to 1.1239. Deeper fall should be seen for retesting 1.0879 low. On the upside, above 1.0985 minor resistance will turn intraday bias neutral first. But recovery should be limited below 1.1095 resistance to bring fall resumption.
In the bigger picture, rebound from 1.0879 is seen as a corrective that might have completed after rejection by 55 week EMA. Break of 1.0879 will resume the down trend from 1.2555 (2018 high) for 78.6% retracement of 1.0339 (2017 low) to 1.2555 at 1.0813). Sustained break there will pave the way to retest 1.0339 low. For now, this will remain the favored case as long as 1.1239 resistance holds.
