Daily Pivots: (S1) 1.1292; (P) 1.1324; (R1) 1.1374; More…..
EUR/USD’s break of 1.1341 minor resistance suggests short term bottoming at 1.1234. The consolidation pattern from 1.1215 is extending rise from 1.1234 as another leg. Intraday bias is back on the upside for 1.1514 resistance first. On the downside, though, break of 1.1275 minor support will turn bias back to the downside for 1.1215 low instead.
In the bigger picture, as long as 1.1814 resistance holds, down trend down trend from 1.2555 medium term top is still in progress and should target 61.8% retracement of 1.0339 (2017 low) to 1.2555 at 1.1186 next. Sustained break there will pave the way to retest 1.0339. However, break of 1.1814 will confirm completion of such down trend and turn medium term outlook bullish.
