Daily Pivots: (S1) 1.0792; (P) 1.0864 (R1) 1.0904; More…
Range trading continues in EUR/USD and intraday bias remains neutral. On the downside, firm break o 1.0756 will resume larger down trend. Next target is 100% projection of 1.1494 to 1.0805 from 1.1184 at 1.0495. On the upside, firm break of 1.0935 resistance should confirm short term bottoming at 1.0756. Intraday bias will be back on the upside for 1.1184 structural resistance next.
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.
