Daily Pivots: (S1) 1.1729; (P) 1.1764; (R1) 1.1820; More…..

Intraday bias in EUR/USD stays on the upside as rebound from 1.1612 is in progress. Corrective pull back from 1.2011 should have completed and further rise would be seen to retest this high. On the downside, below 1.1695 minor support will turn bias to the downside for 1.1612 support. Break will resume the correction from 1.2011 to 38.2% retracement of 1.0635 to 1.2011 at 1.1485.

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In the bigger picture, rise from 1.0635 is seen as the third leg of the pattern from 1.0339 (2017 low). Further rally rise should 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 1.1422 resistance turned support holds.

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