Daily Pivots: (S1) 1.1851; (P) 1.1884; (R1) 1.1931; More….
Intraday bias in EUR/USD remains neutral for the moment. On the upside, break of 1.1951 support turned resistance will indicate short term bottoming and turn bias to the upside. Strong rebound would be seen back towards 1.2242 resistance. However, break of 1.1834 will now extend the correction from 1.2348 to 38.2% retracement of 1.0635 to 1.2348 at 1.1694.
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.