Daily Pivots: (S1) 1.1430; (P) 1.1513; (R1) 1.1562; More…..
A temporary low is formed at 1.1463 with today’s recovery and intraday bias in turned neutral first. Some consolidations could be seen but upside should be limited below 1.1623 resistance to bring another decline. On the downside, break of 1.1463 will extend the fall from 1.1814 to retest 1.1300 low.
In the bigger picture, a medium term bottom should be in place at 1.1300, on bullish convergence condition in daily MACD and some consolidations would be seen. But still, note that EUR/USD was rejected by 38.2% retracement of 1.6039 (2008 high) to 1.0339 (2017 low) at 1.2516. That carries some long term bearish implications. Thus, we’d expect fall from 1.2555 high to resume after consolidation completes. Below 1.1300 should send EUR/USD through 61.8% retracement of 1.0339 to 1.2555 at 1.1186. And, in that case, EUR/USD would head to retest 1.0339 (2017 low).