Daily Pivots: (S1) 1.1792; (P) 1.1829; (R1) 1.1877; More…..

Intraday bias in EUR/USD remains neutral and consolidation from 1.2011 might extend. Further rise is in favor with 1.1762 support intact. On the upside, break of 1.2011 will target resume the whole rise from 1.0635. On the downside, firm break of 1.1762 will confirm short term topping and turn bias to the downside for deeper pull back, to 55 day EMA (now at 1.1646) and below.

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In the bigger picture, down trend from 1.2555 (2018 high) has completed at 1.0635 already. Rise from 1.0635 is seen as the third leg of the pattern from 1.0339 (2017 low). Further rally rise should be seen to cluster resistance at 1.2555 next, (38.2% retracement of 1.6039 to 1.0339 at 1.2516 ). This will remain the favored case as long as 1.1422 resistance turned support holds.

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