Daily Pivots: (S1) 0.9991; (P) 1.0052; (R1) 1.0108; More…
EUR/USD’s rebound from 0.9863 short term bottom is extending today. Intraday bias stays on the upside. Sustained trading above 55 day EMA (now at 1.0169) raise the chance of larger trend reversal, and target 1.0368 resistance. On the downside, below 1.0031 minor support will turn bias back to the downside for retesting 0.9863 low.
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 1.0368 resistance holds, in case of strong rebound. However, firm break of 1.0368 will confirm medium term bottom at 0.9863 already.
