2:53 PM
Daily Pivots: (S1) 1.1164; (P) 1.1204 (R1)
Intraday bias in EUR/USD remains cautiously on the downside for 1.1096. Consolidation pattern from there is likely finished and break of 1.1096 will extend recent down trend to next fibonacci level at 1.0283. Above 1.1379 will dampen this bearish case and bring another recovery. But in that case, we'd expect strong resistance from 1.1678 to limit upside and bring down trend resumption eventually.
In the bigger picture, overall price actions from 1.6039 long term top is viewed as a corrective pattern. Fall from 1.3993 is the third leg of such pattern and should target 100% projection of 1.6039 to 1.2329 from 1.3993 at 1.0283 next. On the upside, break of 1.2042 support turned resistance is needed to indicate medium term reversal. Otherwise, outlook will stay bearish.
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