Daily Pivots: (S1) 1.1628; (P) 1.1694; (R1) 1.1737; More…..
Intraday bias in EUR/USD remains on the downside for 1.1612. Break there will resume whole corrective fall form 1.2011. Next target is 38.2% retracement of 1.0635 to 1.2011 at 1.1485. On the upside, above 1.1758 minor resistance will mix up the near term outlook and turn intraday bias neutral first.
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.
