Daily Pivots: (S1) 1.0881; (P) 1.0936 (R1) 1.0974; More…..
Intraday bias in EUR/USD remains neutral for the moment. On the downside, break of 1.0795 minor support will suggest that recovery from 1.0517 has completed and turn bias back to the downside for 1.0461/0517 support zone. Meanwhile, break of 1.1086 will extend the rebound to 1.1713. In that case, we’d expect strong resistance around 38.2% retracement of 1.3993 to 1.0461 at 1.1810 to limit upside and bring down trend resumption eventually.
In the bigger picture, overall price actions from 1.6039 long term top is viewed as a corrective pattern with fall from 1.3993 as the third leg. Price actions from 1.0461 are viewed as correction to fall from 1.3993. Break of 1.0461 will extend the decline from 1.3993. On the upside, break of 1.2042 support turned resistance is needed to be the first sign of trend reversal. Otherwise, we’ll stay bearish and expect a new low below 1.0461 at a later stage.
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EUR/USD Every day Outlook
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