Daily Pivots: (S1) 1.1679; (P) 1.1718; (R1) 1.1748; More…..

Intraday bias in EUR/USD is turned neutral with today’s recovery. Further decline is expected with 1.1771 minor resistance intact. Below 1.1688 will target 1.1612 support first. Break will resume whole corrective fall from 1.2011. Next target is 38.2% retracement of 1.0635 to 1.2011 at 1.1485. Though, break of 1.1771 will turn bias back to the upside for 1.1830 resistance first.

– advertisement –

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.

Source link