Daily Pivots: (S1) 1.3083; (P) 1.3128 (R1) 1.3207; More....
EUR/USD is still staying in range below 1.3206 and intraday bias remains neutral. Above 1.3206 will extend the rebound from 1.2755. But in that case, we'd expect strong resistance below 1.3416 to complete the rebound and bring reversal. Meanwhile, below 1.2949 will suggest that rebound from 1.2755 has completed and will flip bias to the downside for retesting 1.2755. Overall, we'd still expect fall from 1.3710 to resume later for another low below 1.2746.
In the bigger picture, overall, price actions from 1.6039 is viewed as a corrective pattern which is still in progress. Current development argues that fall from 1.3710 is extending the correction lower. Break of 1.2042 would likely pave the way to 1.1209 long term fibonacci level next. Though, sustained break of 1.3416 will likely bring another rise through 1.3710 to extend the whole rally from 1.2042.
IMOH, Clement I.
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