EUR/USD upward trading seems to have some cracks after price pinned below 1.3296 but however price managed to bounced from there, this move shows that bulls haven’t gathered many power for upward extend towards key 1.3400 resistance level, and this cuts the sing for reversal towards deeper correction. Price is heading towards retest of the key level for bulls 1.3147, if this level falls bias would be changed. Our intraday bias is on down side after price broke is making a sustain trade below crucial 1.3147 support level, that could lead to a reversal towards a deep correction. On the upside, price needs a to overcome 1.3222 level and make a consistent trade above, if price break above 1.3382 this would flip back again bias to bullish. Only sustain trade above that level would send EUR/USD to 1.3498 level.
On down side, price is forming a H&S pattern on big charts. Only sustain trade below 1.3147 level is in favor of down move towards test of 1.3056 low. Further decline would be seen after positive break below key support level. Sustain trade below it would bring further decline in price towards 1.2560 support level.
Daily Pivots: Pivot Point – 1.3320, 1st Support – 1.3270, 1st Resistance – 1.3365