Daily Pivots: (S1) 1.1279; (P) 1.1315; (R1) 1.1368; More….
Intraday bias in EUR/USD remains mildly on the upside at this point. Consolidation from 1.1422 short term top might be completed. Break there will resume whole rise from 1.0635 to test 1.1496 key resistance. On the downside, though, break of 1.1258 minor support will turn bias back to the downside, to extend the consolidation to 38.2% retracement of 1.0635 to 1.1422 at 1.1121.
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.
