Daily Pivots: (S1) 0.9030; (P) 0.9087; (R1) 0.9117; More…
A temporary top is formed at 0.9175 in EUR/GBP, after failing to break through 61.8% retracement of 0.9499 to 0.8670 at 0.9182. Intraday bias is turned neutral first. On the upside, sustained trading above 0.9001 will pave the way to retest 0.9499 high. On the downside, however, break of 0.9001 will argue that whole rebound from 0.8670 has completed. Intraday bias will be turned back to the downside for 0.8864 support and below.
In the bigger picture, while the pull back from 0.9499 was deep, there is no sign of trend reversal yet. The up trend from 0.6935 (2015 low) should resume at a later stage to 61.8% projection of 0.6935 to 0.9263 from 0.8276 at 0.9715. This will remain the favored case as long as 0.8276 support holds.
