Daily Pivots: (S1) 1.2018; (P) 1.2059; (R1) 1.2091; More

Intraday bias in EUR/USD stays on the downside at this point. Corrective pattern from 1.2348 is in its third led. Break of 1.1951 support will target 100% projection of 1.2348 to 1.1951 from 1.2242 at 1.1845. On the upside, above 1.2100 minor resistance will turn bias neutral first. Risk will stay mildly on the downside as long as 1.2242 resistance holds, in case of recovery.

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.

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