Daily Pivots: (S1) 1.2069; (P) 1.2131; (R1) 1.2169; More

Intraday bias in EUR/USD remains mildly on the downside at this point. Fall from 1.2265 is in progress for 1.1985 support first. Break there will confirm that consolidation pattern from 1.2348 has started the third leg. Deeper fall would then be seen back to 1.1703 support. On the upside, above 1.2217 minor resistance will turn bias back to the upside for 1.2265 and above.

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. Reaction from 1.2555 should reveal underlying long term momentum in the pair.

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