Daily Pivots: (S1) 1.1903; (P) 1.1950 (R1) 1.1975; More….
EUR/USD drops to as low as 1.1819 so far today. Breach of 1.1822 indicate that recovery from there has completed at 1.1995 already. And larger decline from 1.2555 is resuming. Intraday bias is back on the downside for 1.1708 medium term fibonacci level next. Break will target 1.1553 support. On the upside, break of 1.1995 resistance is needed to indicate short term bottoming. Otherwise, outlook will remain bearish in case of recovery.
In the bigger picture, current development suggests that EUR/USD was rejected by 38.2% retracement of 1.6039 (2008 high) to 1.0339 (2017 low) at 1.2516. And, a medium term was formed at 1.2555 already. Decline from there should extend further. Break of 38.2% retracement of 1.0339 to 1.2555 at 1.1708 will target 61.8% retracement at 1.1186. For now, even in case of rebound, we won’t consider the fall from 1.2555 as finished as long as 55 day EMA (now at 1.2162) holds.