Daily Pivots: (S1) 1.0717; (P) 1.0764 (R1) 1.0845; More…..
EUR/USD’s choppy rise from 1.0339 resumed by taking out 1.0774 and reaches as high as 1.0811 so far. Intraday bias is back on the upside for 1.0872 resistance. At this point, we’re still viewing choppy rise from 1.0339 as a corrective move. Thus, upside should be limited by 1.0872 resistance and bring reversal. On the downside, break of 1.0619 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.