Daily Pivots: (S1) 1.0905; (P) 1.1047; (R1) 1.1139; More…
Intraday bias in EUR/USD remains on the downside at this point. Fall form 1.1496 would target a test on 1.0777 low. On the upside, break of 1.1236 minor resistance is needed to indicate completion of the fall. Otherwise, further decline is expected eve in case of recovery.
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.
