Daily Pivots: (S1) 1.2956; (P) 1.3077 (R1) 1.3154; More....
EUR/USD's rebound from 1.2746 stalled at 1.3201 and fell sharply. The break of 1.3021 minor support aurges that such rebound might be finished already. Intraday bias is mildly on the downside and deeper fall could be seen to retest 1.2746. On the upside, above 1.3201 will turn bias back to the upside for 61.8% retracement of 1.3710 to 1.2746 at 1.3342.
In the bigger picture, current development mixed up the outlook in EUR/USD with major question on whether rebound from 1.2042 has completed at 1.3710. Note that as long as 1.2661 support holds, such rebound could still extend above 1.3710 to 1.4939/5143 resistance holds. However, break of 1.2661 will confirm completion of such rebound. And more importantly, the corrective three wave structure will then indicate that deeper medium term weakness would be seen for a new low below 1.2042.
IMOH, Clement I.
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