Daily Pivots: (S1) 1.1623; (P) 1.1664; (R1) 1.1687; More…..
EUR/USD’s declines continues today and intraday bias stays on the downside for 1.1612 support. Break there will confirm resumption of the corrective decline from 1.2011. Further fall should be seen to 38.2% retracement of 1.0635 to 1.2011 at 1.1485. On the upside, above 1.1704 minor resistance will turn intraday bias neutral first. But risk will stay on the downside as long as 1.1880 resistance holds, in case of recovery.
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.
