Daily Pivots: (S1) 1.3843; (P) 1.3915; (R1) 1.3990

EUR/USD's decline from 1.4719 resumed today and dives to as low as 1.3553 so far. Break of mentioned 1.3629 cluster support is consistent with the view that rise from 1.2423 has completed already. At this point, intraday bias remains on the downside as long as 1.3944 minor resistance holds. As discussed before, correction from 1.2329 low is possibly completed too and deeper fall could now be seen to retest this low first. On the upside, above 1.3944 will mix up the short term outlook again and open up the scenario that fall from 1.4719 is corrective in nature.

In the bigger picture, a medium term bottom no doubt in place at 1.2329 and fall from 1.6038 should have completed. Whether such fall is impulsive or corrective in nature is debatable. But after all, in either case, as long as 1.4867 resistance holds, such decline is still in favor to resume. Though, some larger scale consolidation could be seen first. However, above 1.4867 will dampen the bearish view and argue that stronger rally would be seen to retest 1.6038 record high.