Daily Pivots: (S1) 0.9960; (P) 1.0013; (R1) 1.0074; More…
Intraday bias in EUR/USD is turned neutral with current recovery. On the upside, firm break of 1.0121 minor resistance will indicate short term bottoming at 0.9951. Intraday bias will be back on the upside for strong rebound back to 1.0348 support turned resistance. On the downside, sustained break of 100% projection of 1.1184 to 1.0348 from 1.0773 at 0.9937 will extend larger down trend to 161.8% projection at 0.9420.
In the bigger picture, down trend from 1.6039 (2008 high) is still in progress. Next target is 100% projection of 1.3993 to 1.0339 from 1.2348 at 0.8694. In any case, outlook will stay bearish as long as 1.0773 resistance holds, in case of rebound.
