Daily Pivots: (S1) 1.0788; (P) 1.0836; (R1) 1.0870; More…
EUR/USD’s break of 1.0768 support suggests resumption of fall from 1.1147. Intraday bias is back on the downside for retesting 1.0635 low. On the upside, break of 1.0885 minor resistance could extend the consolidation from 1.0635 with another rise. But upside should be limited by 61.8% retracement of 1.1496 to 1.0635 at 1.1167.
In the bigger picture, as long as 1.1496 resistance holds, whole down trend from 1.2555 (2018 high) should still be in progress. Next target is 1.0339 (2017 low). However, sustained break of 1.1496 will argue that such down trend has completed. Rise from 1.0635 could then be seen as the third leg of the pattern from 1.0339. In this case, outlook will be turned bullish for retesting 1.2555.
