Daily Pivots: (S1) 1.1734; (P) 1.1758; (R1) 1.1783; More…..
EUR/USD’s rebound form 1.1612 resumes by taking out 1.1807 temporary top. Intraday bias is back on the upside for retesting 1.2011 high. Break there will resume larger rally from 1.0635. On the downside, break of 1.1732 minor support is needed to indicate completion of the rebound. Otherwise, outlook will stays mildly 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 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.