Daily Pivots: (S1) 1.0630; (P) 1.0685 (R1) 1.0751; More…..
EUR/USD recovers today but stays below 1.0774. Intraday bias stays neutral first. No change in the outlook that choppy rise from 1.0339 is seen as a corrective move. On the upside, above 1.0774 will extend the rise but upside should be limited by 1.0872 resistance. On the downside, break of 1.0588 will indicate that such rise is completed and turn bias to the downside for retesting 1.0339 low.
In the bigger picture, whole down trend from 1.6039 (2008 high) is in progress. Such down trend is expected to extend to 61.8% projection of 1.3993 to 1.0461 from 1.1298 at 0.9115. On the upside, break of 1.1298 resistance is needed to confirm medium term bottoming. Otherwise, outlook will stay bearish in case of rebound.