Daily Pivots: (S1) 1.0707; (P) 1.0747 (R1) 1.0790; More…..

EUR/USD’s decline from 1.0828 extends today but stays above 1.0619 minor support. Intraday bias remains neutral for the moment. As noted before, choppy rise from 1.0339 is seen as a correction. Hence, in case of another rise, upside should be limited by 1.0872 resistance and bring fall resumption eventually. Break of 1.0619 will 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.

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EUR/USD 4 Hours Chart

EUR/USD Daily Chart

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