Daily Pivots: (S1) 1.1791; (P) 1.1810; (R1) 1.1834; More…..

Intraday bias in EUR/USD is turned neutral with today’s retreat. Further rise will remain mildly in favor as long as 1.1732 minor support holds. Above 1.1830 will target a test on 1.2011 high. Firm break of 1.2011 high will confirm resumption of rally from 1.0635 and target 61.8% projection of 1.0635 to 1.2011 from 1.1612 at 1.2462. On the downside, break of 1.1732 minor support will dampen this bullish view and turn focus back to 1.1612 support instead.

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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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