Daily Pivots: (S1) 1.1252; (P) 1.1312; (R1) 1.1343; More….
EUR/USD’s sharp retreat dampens the original bullish case and intraday bias is turned neutral first. On the upside, above 1.1370 will target 1.1422 high. Break will resume larger rise form 1.0635 to 1.1496 key resistance. However, on the downside, 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.
