Daily Pivots: (S1) 1.0970; (P) 1.1011; (R1) 1.1072; More…
EUR/USD’s rebound from 1.0777 extends higher today. The break of 61.8% retracement of 1.1239 to 1.0777 at 1.1063 raises the chance of larger bullish reversal. Intraday bias remains on the upside for retesting 1.1239 key resistance next. On the downside, though, break of 1.0950 minor support will turn bias back to the downside for retesting 1.0777 low.
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.
