Daily Pivots: (S1) 1.0727; (P) 1.0777 (R1) 1.0814; More…..
EUR/USD engages in sideway trading in early US session. But intraday bias remains on the downside for far. Current fall from 1.0905 should target 1.0494 support next. As noted before, corrective rise from 1.0339 could be completed at 1.0905. Break of 1.0494 should confirm this case and target 1.0339 low. On the upside, above 1.0798 minor resistance will turn bias back to the upside for 1.0905 instead.
In the bigger picture, as long as 1.1298 key resistance holds, whole down trend from 1.6039 (2008 high) is still expected to continue. Break of 1.0339 low will send EUR/USD through parity to 61.8% projection of 1.3993 to 1.0461 from 1.1298 at 0.9115. However, considering bullish convergence condition in weekly MACD, break of 1.1298 will indicate term reversal. this would also be supported by sustained trading above 55 week EMA.
