EUR/USD Daily Outlook

Daily Pivots: (S1) 1.0850; (P) 1.0888; (R1) 1.0910; More…

EUR/USD drops to as low as 1.0865 so far and intraday bias stays on the downside. Break of 1.0879 support indicates medium term down trend resumption. Next near term target is 161.8% projection of 1.1172 to 1.0992 from 1.1095 at 1.0804. On the upside, above 1.0925 minor resistance will turn intraday bias neutral and bring consolidations first. But recovery should be limited by 1.0992 support turned resistance to bring fall resumption.

In the bigger picture, the break of 1.0879 low indicates resumption of whole down trend from 1.2555 (2018 high). Sustained break of 78.6% retracement of 1.0339 (2017 low) to 1.2555 at 1.0813 will pave the way to retest 1.0339 low. For now, outlook will remain bearish as long as 1.1239 resistance holds, in case of strong rebound.