Daily Pivots: (S1) 1.2129; (P) 1.2149; (R1) 1.2172; More….

Intraday bias in EUR/USD remains on the upside for retesting 1.2348 high. Firm break there will resume the up trend from 1.0635, for 1.2555 key long term resistance zone next. On the downside, break of 1.2050 support is needed to indicate short term topping. Otherwise, outlook will stay bullish in case of retreat.

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. Reaction from 1.2555 should reveal underlying long term momentum in the pair.

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