Daily Pivots: (S1) 1.2023; (P) 1.2059; (R1) 1.2126; More

Intraday bias in EUR/USD is turned neutral with the rebound from 1.1990. It’s seen as staying in corrective pattern from 1.2348. Risk stays mildly on the downside as long as 1.2242 resistance holds. Break of 1.1990 will extend the pattern through 1.1951 support, to 100% projection of 1.2348 to 1.1951 from 1.2242 at 1.1845.

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. We’d be alerted to topping sign around 1.2516/55. But sustained break there will carry long term bullish implications.

Source link