Daily Pivots: (S1) 1.3454; (P) 1.3463 (R1) 1.3473; More....
Intraday bias in EUR/USD remains on the downside for the moment. Sustained trading below 1.3476 key support will carry larger bearish implication and will target 61.8% projection of 1.3993 to 1.3502 from 1.3700 at 1.3397. Nonetheless, it should be noted again that strong rebound from the current level will dampen the bearish case of trend reversal. And above 1.3548 minor resistance will turn intraday bias neutral first.
In the bigger picture, overall price actions from 1.6039 is viewed as a corrective pattern. The choppy rise from 1.2042 is seen as a leg inside the pattern. Bearish divergence condition in daily and weekly MACD raises the chance that this leg is finished at 1.3993 already. Sustained break of 1.3476 support will confirm this bearish case and should target 1.2755 and below. Meanwhile, break of 1.3993 is needed to confirm rally resumption. Otherwise, we won't turn bullish even in case of strong rebound.
Intraday bias in EUR/USD remains on the downside for the moment. Sustained trading below 1.3476 key support will carry larger bearish implication and will target 61.8% projection of 1.3993 to 1.3502 from 1.3700 at 1.3397. Nonetheless, it should be noted again that strong rebound from the current level will dampen the bearish case of trend reversal. And above 1.3548 minor resistance will turn intraday bias neutral first.
In the bigger picture, overall price actions from 1.6039 is viewed as a corrective pattern. The choppy rise from 1.2042 is seen as a leg inside the pattern. Bearish divergence condition in daily and weekly MACD raises the chance that this leg is finished at 1.3993 already. Sustained break of 1.3476 support will confirm this bearish case and should target 1.2755 and below. Meanwhile, break of 1.3993 is needed to confirm rally resumption. Otherwise, we won't turn bullish even in case of strong rebound.
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