Daily Pivots: (S1) 1.1414; (P) 1.1450; (R1) 1.1476; More…..
EUR/USD surges to as high as 1.1540 so far in early US session. The strong break of 1.1499 resistance should confirm completion of fall from 1.1814 at 1.1215. Current rebound might indeed be correcting whole decline from 1.2555, if not reversing the down trend. Intraday bias is back on the upside for 1.1621 resistance first. Break will target 38.2% retracement of 1.2555 to 1.1215 at 1.1727 next. On the downside, break of 1.1422 support is needed to indicate completion of the rebound. Otherwise, further rise will now remain in favor in case of retreat.
In the bigger picture, as long as 1.1814 resistance holds, down trend down trend from 1.2555 medium term top is still in progress and should target 61.8% retracement of 1.0339 (2017 low) to 1.2555 at 1.1186 next. Sustained break there will pave the way to retest 1.0339. However, break of 1.1814 will confirm completion of such down trend and turn medium term outlook bullish.
