Daily Pivots: (S1) 1.0853; (P) 1.0881; (R1) 1.0907; More

EUR/USD’s rebound from 1.0777 extends further to as high as 1.0978 today. The strength suggests that it’s corrective whole fall from 1.1239 to 1.0777. Intraday bias remains on the upside for 61.8% retracement of 1.1239 to 1.0777 at 1.1063 next. We’d expect strong resistance from there to limit upside. Below 1.0890 minor support will turn bias to the downside for retesting 1.0777 low. However, sustained break of 1.1063 will raise the chance of larger reversal and target 1.1239 key resistance.

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In the bigger picture, down trend from 1.2555 (2018 high) has just resumed and prior rejection by 55 week EMA affirms medium term bearishness. Sustained break of 78.6% retracement of 1.0339 (2017 low) to 1.2555 at 1.0813 will pave the way to retest 1.0339 low. For now, outlook will remain bearish as long as 1.1239 resistance holds, in case of strong rebound.

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