Daily Pivots: (S1) 1.3428; (P) 1.3436 (R1) 1.3445; More....
With 1.3486 minor resistance intact, deeper fall is expected in EUR/USD. Medium term trend could have reversed and their pair is targeting 61.8% projection of 1.3993 to 1.3502 from 1.3700 at 1.3397. Break will target 100% projection at 1.3209. On the upside, above 1.3486 minor resistance will turn bias neutral and bring consolidations. But upside should be limited well below 1.3700 resistance and bring fall resumption.
In the bigger picture, overall price actions from 1.6039 is viewed as a corrective pattern. One interpretation is that fall from 1.6039 to 1.2329 was the first leg. Price actions from 1.2329 were the second leg, in form of a triangle. In such view, the fifth leg of the triangle pattern could have completed at 1.3993 already. In other words, the decline from 1.3993 is resuming the fall from 1.16039. Medium term outlook will now stay cautiously bearish as long as 1.3700 resistance holds. Break of 1.2755 key support level will raise the chance of an eventual break of 1.1875 low.
With 1.3486 minor resistance intact, deeper fall is expected in EUR/USD. Medium term trend could have reversed and their pair is targeting 61.8% projection of 1.3993 to 1.3502 from 1.3700 at 1.3397. Break will target 100% projection at 1.3209. On the upside, above 1.3486 minor resistance will turn bias neutral and bring consolidations. But upside should be limited well below 1.3700 resistance and bring fall resumption.
In the bigger picture, overall price actions from 1.6039 is viewed as a corrective pattern. One interpretation is that fall from 1.6039 to 1.2329 was the first leg. Price actions from 1.2329 were the second leg, in form of a triangle. In such view, the fifth leg of the triangle pattern could have completed at 1.3993 already. In other words, the decline from 1.3993 is resuming the fall from 1.16039. Medium term outlook will now stay cautiously bearish as long as 1.3700 resistance holds. Break of 1.2755 key support level will raise the chance of an eventual break of 1.1875 low.
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