Daily Pivots: (S1) 1.3048; (P) 1.3113 (R1) 1.3146; More.....
EUR/USD recovers after dipping to as low as 1.2954 earlier today. But still, intraday bias remains on the downside with 1.3095 minor resistance intact and deeper decline is expected. As noted before, current development suggests that rebound from 1.2625 is already completed at 1.3486. Further fall should be seen to retest 1.2625 low first. Also, fall from 1.4939 is possibly resuming too and break of 1.2625 will target 61.8% projection of 1.4246 to 1.2625 from 1.3486 at 1.2484 next. Though, above 1.3095 will dampen this immediate bearish view and turn bias neutral first.
In the bigger picture, fall from 1.4939 is treated as a falling leg inside the consolidation pattern that started at 1.6039 (2008 high) and current development suggests that it's not finished yet. Break of 1.2625 would likely pave the way to 1.1875 and below as the consolidation extends. Meanwhile, break of 1.3486 resistance should now indicate that the fall from 1.4939 is finished and will turn near term outlook bullish for 1.5 psychological level to continue the long term consolidation.
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