Daily Pivots: (S1) 1.3506; (P) 1.3560 (R1) 1.3596;
EUR/USD recovers today but stays in range below 1.3621 temporary top and intraday bias remains neutral. With 1.3520 minor support intact, stronger rise might be seen and above 1.3621 will extend the rebound from 1.3294 towards 100% projection of 1.3294 to 1.3578 from 1.3399 at 1.3683. But we'd expect upside to be limited there to complete the rebound from 1.3294. Fall from 1.3832 is expected to resume later and break of 1.3520 will turn bias to the downside for 1.3399 and below first.
In the bigger picture, overall price actions from 1.6039 is viewed as a corrective pattern which is still in progress. Rebound from 1.2042 has likely completed at 1.3832 already. Break of 1.2755 will confirm this case and EUR/USD will re-target 1.1875/2042 support zone again. At this point, we're not being too bearish yet and don't expect a break of 1.1875/2042 support zone. But, we'll pay attention to how the current decline development on assessing the chance of a break through 1.1875.
EUR/USD recovers today but stays in range below 1.3621 temporary top and intraday bias remains neutral. With 1.3520 minor support intact, stronger rise might be seen and above 1.3621 will extend the rebound from 1.3294 towards 100% projection of 1.3294 to 1.3578 from 1.3399 at 1.3683. But we'd expect upside to be limited there to complete the rebound from 1.3294. Fall from 1.3832 is expected to resume later and break of 1.3520 will turn bias to the downside for 1.3399 and below first.
In the bigger picture, overall price actions from 1.6039 is viewed as a corrective pattern which is still in progress. Rebound from 1.2042 has likely completed at 1.3832 already. Break of 1.2755 will confirm this case and EUR/USD will re-target 1.1875/2042 support zone again. At this point, we're not being too bearish yet and don't expect a break of 1.1875/2042 support zone. But, we'll pay attention to how the current decline development on assessing the chance of a break through 1.1875.
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