Daily Pivots: (S1) 1.2099; (P) 1.2124; (R1) 1.2147; More….
Intraday bias in EUR/USD is turned neutral with today’s retreat. Some consolidations could be seen first, but further rally is expected as long as 1.2055 minor support holds. Above 1.2149 will resume the rise from 1.1703 to 1.2242/2348 resistance zone. Though, break of 1.2055 will bring deeper pull back to 55 day EMA (now at 1.1981) and possibly below.
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.