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EUR/USD’s rebound is over after price gapped below temporary low at 1.3361 and now is trading below this level forming a minor low, this move brought back EUR/USD in the falling channel and this signals for further decline in price in the following days. Intraday bias remains strong on down move after EUR/USD failed gain above key support level and dropped below it and now currently is trading below it. On the upside, to have some minor reverse in price, price needs a consolidative trade above minor low first, this will confirmed the low, thus would indicates that bulls are accumulating little power for a retest of the 1.33361 level. Only sustain trade above that level would send EUR/USD above 1.3584 level.
Only sustain trade below 1.3498 level is in favor of down move, if price break the swing low price will decline further more. In this case, first target is towards test of the key support zone at 1.3100/24 – where is FE 1.618. Sustain trade below it would further decline in price towards psychological key support at 1.3000 level.
Daily Pivots: Pivot point – 1.3393, 1st Support – 1.3308, 1st Resistance – 1.3421
