Daily Pivots: (S1) 1.1485; (P) 1.1563 (R1) 1.1616; More…..

With 1.1639 minor resistance intact, intraday bias in EUR/USD remains neutral. Current decline from 1.2555 is in progress and should target 50% retracement of 1.0339 to 1.2555 at 1.1447 first. break will target 61.8% retracement at 1.1186 next. On the upside, above 1.1639 minor resistance will turn intraday bias neutral and bring consolidation. But near term outlook will remain bearish as long as 1.1822 support turned resistance holds.

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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 top was formed at 1.2555 already. Decline from there should extend further to 61.8% retracement of 1.0339 to 1.2555 at 1.1186 and below. For now, even in case of rebound, we won’t consider the fall from 1.2555 as finished as long as 1.1995 resistance holds.

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