Daily Pivots: (S1) 1.1768; (P) 1.1796; (R1) 1.1832; More…..

Intraday bias in EUR/USD remains neutral first as consolidation form 1.2011 is still extending. Another fall could be seen to 1.1602. On the upside, break of 1.1920 will resume the rise from 1.1602 for resting 1.2011 high. Overall, sideway trading will continue for the near term.

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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 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.

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