Daily Pivots: (S1) 1.2229; (P) 1.2251; (R1) 1.2275; More….
Intraday bias in EUR/USD remains neutral at this point. Some consolidations could be seen below 1.2272 temporary top, but further rise should be seen as long as 1.2058 support holds. On the upside, break of 1.2272 will resume larger rally to 61.8% projection of 1.0635 to 1.2011 from 1.1602 at 1.2452 next..
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 1.1602 support holds. We’d be alerted to topping sign around 1.2516/55. But sustained break there will carry long term bullish implications.
