Daily Pivots: (S1) 1.2013; (P) 1.2046; (R1) 1.2070; More….

Intraday bias in EUR/USD remains mildly on the upside at this point. Correction from 1.2348 should have completed with three waves down to 1.1703. Further rise should be seen to 1.2442/2348 resistance zone. For now, further rally will remain in favor as long as 1.1941 support holds, in case of retreat.

In the bigger picture, rise from 1.0635 is seen as the third leg of the pattern from 1.0339 (2017 low). Further rally could 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 1.1602 support holds. However, sustained break of 1.1602 will argue that whole rise from 1.10635 has completed. Deeper fall would be seen to 61.8% retracement of 1.0635 to 1.2348 at 1.1289.

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