EUR/USD resumes the bearish pattern at 1.2081 by breaking the support at 1.1408. The intraday bias has returned to the downside. Further decline should be seen on 100% forecast from 1.2081 to 1.1408 from 1.1848 to 1.1175. On the upside, minor resistance above 1.1479 will shift the intraday bias back to neutral first. But the risk will remain on the downside as long as resistance at 1.1621 holds, in case of a recovery.
In the bigger picture, focus is back on the 38.2% retracement level from 1.0176 to 1.2081 at 1.1353. A decisive breakout there would revive the medium-term bearish trend reversal case after the rejection of the 1.2 key cluster resistance level. Further decline we should see to 61.8% retracement levels at 1.0904. However, a strong bounce from 1.1353, followed by a break of resistance at 1.1621, will sustain the upside in the medium term.
