Daily Pivots: (S1) 1.0932; (P) 1.0966; (R1) 1.1012; More

EUR/USD lost momentum after hitting 1.0999, with 4 hour MACD crossed below signal line. Intraday bias is turned neutral first. Outlook is unchanged that corrective pattern from 1.0635 is extending. Further rise might be seen through 1.1019 resistance to 1.1147. But in that case, upside should be limited by 61.8% retracement of 1.1496 to 1.0635 at 1.1167. On the downside, break of 1.0774 should turn bias back to the downside for retesting 1.0635 low.

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In the bigger picture, as long as 1.1496 resistance holds, whole down trend from 1.2555 (2018 high) should still be in progress. Next target is 1.0339 (2017 low). However, sustained break of 1.1496 will argue that such down trend has completed. Rise from 1.0635 could then be seen as the third leg of the pattern from 1.0339. In this case, outlook will be turned bullish for retesting 1.2555.


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