Daily Pivots: (S1) 1.3020; (P) 1.3074 (R1) 1.3103; More....
EUR/USD weakens mildly today but stays in range of 1.3001/3201 and intraday bias remains neutral first. As noted before, below 1.3001 will suggest that rebound from 1.2746 has completed at 1.3201 already and will turn bias to the downside for retesting 1.2746 low. Meanwhile, above 1.3201 will bring another rally to 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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