Daily Pivots: (S1) 1.1692; (P) 1.1719; (R1) 1.1744; More…..
EUR/USD’s break of 1.1771 minor resistance dampens the original bearish view and suggests that rebound from 1.1612 hasn’t completed yet. Intraday bias is back on the upside for 1.1830 first. Break will pave the way for retesting 1.2011. On the downside, below 1.1688 should extend the correction from 1.2011 through 1.1612 to 38.2% retracement of 1.0635 to 1.2011 at 1.1485.
In the bigger picture, rise from 1.0635 is seen as the third leg of the pattern from 1.0339 (2017 low). Further rally rise should be seen to cluster resistance at 1.2555 next, (38.2% retracement of 1.6039 to 1.0339 at 1.2516 ). This will remain the favored case as long as 1.1422 resistance turned support holds.
