Daily Pivots: (S1) 1.1022; (P) 1.1079; (R1) 1.1150; More…
Despite breaching 1.1120 support turned resistance briefly, EUR/USD quickly retreated. Intraday bias remains neutral first. Rejection by 1.1120 will retain near term bearishness. Break of 1.0899 minor support should resume larger down trend from 1.2348 through 1.0805. However, firm break of 1.1120 will confirm short term bottoming at 1.0805. Bias will be back on the upside for 55 day EMA (now at 1.1206).
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.
