Daily Pivots: (S1) 1.0529; (P) 1.0564 (R1) 1.0595; More…
EUR/USD’s break of 1.0641 resistance should confirm short term bottoming at 1.0348, just ahead of 1.0339 long term support. Intraday bias is back on the upside for 55 day EMA (now at 1.0766). Break there will target 1.0935 resistance next. On the downside, however, below 1.0532 minor support will turn intraday bias back to the downside for retesting 1.0348 low instead.
In the bigger picture, focus stays on 1.0339 long term support (2017 low). Decisive break there will resume whole down trend from 1.6039 (2008 high). Next target is 61.8% projection of 1.3993 to 1.0339 from 1.2348 at 1.0090. However, firm break of 1.0805 support turned resistance will delay this bearish case and bring medium term corrective rebound first.
