Daily Pivots: (S1) 1.0368; (P) 1.0438 (R1) 1.0517; More…
Intraday bias in EUR/USD is back on the downside for retesting 1.0339 low. Decisive break there will resume larger down trend. Next target is long term projection level at 1.0090. On the upside, above 1.0506 minor resistance will delay the bearish case and turn intraday bias neutral again.
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 stronger rebound first.
