Daily Pivots: (S1) 0.9671; (P) 0.9739; (R1) 0.9845; More…
Intraday bias in EUR/USD is turned neutral first with break of 0.9773 minor resistance. For now, outlook will remain bearish as long as 0.9998 resistance holds. Below 0.9630 will bring retest of 0.9534 low first. Firm break there will resume larger down trend.
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 0.9998 resistance is needed to be the first sign of medium term bottoming. Otherwise, outlook will stay bearish even with strong rebound.
