Daily Pivots: (S1) 1.1581; (P) 1.1602; (R1) 1.1632; More…
Focus is now on 1.1639 resistance in EUR/USD as rebound from 1.1523 extends today. Sustained break there will confirm short term bottoming at 1.1523. Intraday bias will be turned back to the upside for stronger rebound, to 55 day EMA (now at 1.1712). Break there will pave the way to 1.1908 resistance. On the downside however, break of 1.1523 will resume larger decline from 1.2265 to 1.1289 medium term fibonacci level.
In the bigger picture, price actions from 1.2348 should at least be a correction to rise from 1.0635 (2020 low). As long as 1.1908 resistance holds, deeper fall would be seen to 61.8% retracement of 1.0635 to 1.2348 at 1.1289. Nevertheless break of 1.1908 resistance will revive medium term bullishness and turn focus back to 1.2348 high.
