Daily Pivots: (S1) 1.0937; (P) 1.0996 (R1) 1.1031; More…
Intraday bias in EUR/USD remains neutral for the moment. Break of 1.0943 support will argue that rebound from 1.0805 has completed at 1.1184. Intraday bias will be back on the downside for retesting 1.0805 low. Further break of 1.0805 will resume larger down trend from 1.2348. On the upside, above 1.1053 minor resistance will revive near term bullishness, and turn bias back to the upside for 1.1184 resistance and above.
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 extending term range trading first.
