Daily Pivots: (S1) 1.1459; (P) 1.1494; (R1) 1.1529; More…..
EUR/USD’s fall from 1.1814 continues today and reaches as low as 1.1431 so far. Intraday bias remains on the downside for retesting 1.1300 low. Decisive break there will resume larger down trend from 1.2555. On the upside, break of 1.1549 resistance is needed to signal short term bottoming. Otherwise, outlook will remain mildly bearish even in case of recovery.
In the bigger picture, corrective pattern from 1.1300 could have completed at 1.1814 after hitting 38.2% retracement of 1.2555 to 1.1300at 1.1779. Decisive break of 1.1300 will resume the down trend from 1.2555 to 61.8% retracement of 1.0339 (2017 low) to 1.2555 at 1.1186 next. Sustained break there will pave the way to retest 1.0339. On the upside, break of 1.1814 will delay the bearish case and extend the correction from 1.1300 with another rise before completion.