Daily Pivots: (S1) 1.1712; (P) 1.1753; (R1) 1.1789; More…..
EUR/USD is still holding above 1.1688 support for now after yesterday’s decline. Intraday bias remains neutral for the moment. Nevertheless, on the downside, firm break of 1.1688 support should resume the corrective pattern from 1.2011 with another leg. Intraday bias will be turned to the downside for 1.1612 support first. Break will target 38.2% retracement of 1.0635 to 1.2011 at 1.1485. On the upside, though, above 1.1880 will extend the rebound from 1.1612 to retest 1.2011 high.
In the bigger picture, rise from 1.0635 is seen as the third leg of the pattern from 1.0339 (2017 low). Further rally could 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.
