Daily Pivots: (S1) 1.1343; (P) 1.1375; (R1) 1.1398; More…..
Intraday bias in EUR/USD remains neutral at this point. Rise from 1.1234 is seen as a rising leg inside correction pattern from 1.1215 low. As long as 1.1316 minor support holds, another rise is mildly in favor. On the upside, above 1.1419 will target 1.1514 resistance next. On the downside, break of 1.1316 will turn bias back to the downside for 1.1215 low.
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.
