Daily Pivots: (S1) 1.1032; (P) 1.1127; (R1) 1.1198; More…
Intraday bias in EUR/USD remains on the downside for the moment. Rebound from 1.0777 could have completed at 1.1496. Deeper fall is mildly in favor for retesting 1.0777 low first. But we’re not expecting a break there, at least not on first attempt. On the upside, above 1.1250 minor resistance will turn bias to the upside for 1.1496 resistance again.
In the bigger picture, rebound from 1.0777 low faced heavy rejection from 38.2% retracement of 1.2555 to 1.0777 at 1.1456, as well as 55 month EMA. The development argues that price actions from 1.0777 medium term pattern are just corrective the down trend from 1.2555 (2018 high). Further decline is in favor to retest 1.0339 (2017 low). Nevertheless, sustained break of 1.1456 will raise the chance of medium term bullish reversal and target 61.8% retracement at 1.1876.
