Daily Pivots: (S1) 1.0799; (P) 1.0847; (R1) 1.0932; More…
EUR/USD’s rebound from 1.0635 extends higher today and focus in now immediately on 1.0981 resistance. Sustained break there will dampen immediate bearishness. Stronger rebound would then be seen back towards 1.1496 key resistance. Nevertheless, rejection by 1.0981 will retain near term bearishness. Break of 1.0785 will bring retest of 1.0635 low first.
In the bigger picture, whole down trend form 1.2555 (2018 high) should have resumed. Next target is 61.8% projection of 1.2555 to 1.0777 from 1.1496 at 1.0397. This level is close to 1.0339 (2017 low). On the upside, break of 1.1496 resistance is needed to indicate medium term reversal. Otherwise, outlook will remain bearish even in case of strong rebound.
