Daily Pivots: (S1) 1.1165; (P) 1.1207; (R1) 1.1274; More…
EUR/USD’s recovery from 1.1120 extends higher today but stays below 1.1299 minor resistance. Intraday bias remains neutral first and further is still in favor. On the downside, break of 1.1120 will resume larger down trend to 61.8% projection of 1.1908 to 1.1185 from 1.1482 at 1.1035. However, break of 1.1299 minor resistance will bring stronger rebound back towards 1.1482 structural resistance.
In the bigger picture, the strength of the the decline from 1.2348 (2021 high) suggests that it’s not a corrective move. But still, it could be the fourth leg of a sideway pattern from 1.0339 (2017 low), or resuming long term down trend. In any case, outlook will now stay bearish as long as 1.1482 resistance holds. Next target would be 1.0635 low.
