Daily Pivots: (S1) 0.9551; (P) 0.9610; (R1) 0.9652; More…
Intraday bias in EUR/USD stays mildly on the downside despite loss of downside momentum. Current down trend should target 161.8% projection of 1.0368 to 0.9863 from 1.0197 at 0.9380 next. On the upside, above 0.9700 minor resistance will turn intraday bias neutral again first, and bring consolidations again, before staging another decline.
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, break of 1.0197 resistance is needed to be the first sign of medium term bottoming. Otherwise, outlook will stay bearish even with strong rebound.
