Daily Pivots: (S1) 1.2856; (P) 1.3005 (R1) 1.3090
EUR/USD's fall accelerated to as low as 1.2919 and intraday bias remains on the downside for mentioned target of 161.8% projection of 1.3993 to 1.3502 from 1.3700 at 1.2906. Break there will pave the way to 1.2755 key medium term support level. Nonetheless, consider the pair is in deep oversold condition. Above 1.2974 minor resistance will turn bias neutral and bring consolidation first before staging another decline.
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 bearish as long as 1.3502 resistance holds. Break of 1.2755 key support level will raise the chance of an eventual break of 1.1875 low.
EUR/USD's fall accelerated to as low as 1.2919 and intraday bias remains on the downside for mentioned target of 161.8% projection of 1.3993 to 1.3502 from 1.3700 at 1.2906. Break there will pave the way to 1.2755 key medium term support level. Nonetheless, consider the pair is in deep oversold condition. Above 1.2974 minor resistance will turn bias neutral and bring consolidation first before staging another decline.
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 bearish as long as 1.3502 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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