Daily Pivots: (S1) 1.2971; (P) 1.3018 (R1) 1.3054; More.....
Break of 1.2954 indicates that recent decline has resumed. Intraday bias in EUR/USD is back on the downside. As noted before, current development suggest that rebound from 1.2625 is already completed at 1.3486. EUR/USD should target a test on 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 1.3065 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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