Daily Pivots: (S1) 1.1629; (P) 1.1699; (R1) 1.1796; More…..

EUR/USD’s strong break of 1.1771 resistance argues that consolidation pattern from 1.2011 might have completed at 1.1602 already. Intraday bias is back on the upside for 1.1880 resistance first. Firm break there will add to this bullish case and target 1.2011 high next. On the downside, though, break of 1.1710 minor support will mix up the outlook and turn bias neutral 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 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 1.1422 resistance turned support holds.

Source link