Daily Pivots: (S1) 1.1065; (P) 1.1149; (R1) 1.1208; More…
Intraday bias in EUR/USD is back on the downside as fall from 1.1494 resumes by breaking 1.1105 temporary low. Current down trend from 1.2348 should target 61.8% projection of 1.2265 to 1.1120 from 1.1494 at 1.0786. On the upside, break of 1.1273 resistance is needed to be the first sign of bottoming. Otherwise, outlook stays bearish in case of recovery.
In the bigger picture, the decline from 1.2348 (2021 high) is expected to continue as long as 1.1494 resistance holds. Firm break of 1.0635 (2020 low) will raise the chance of long term down trend resumption and target a retest on 1.0339 (2017 low) next. Nevertheless, break of 1.1494 will maintain medium term neutral outlook, and extend range trading first.
