Daily Pivots: (S1) 1.1956; (P) 1.1976; (R1) 1.2000; More….

EUR/USD’s rise from 1.1703 resumes today and it finally breaks 1.1988 resistance decisively. Currently development affirms our bullish view that correction from 1.2348 has completed at 1.1703. Intraday bias is back on the upside for 1.2442/2348 resistance zone. On the downside, through, break of 1.1941 minor support will dampen this bullish view and turn bias neutral first.

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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