Daily Pivots: (S1) 1.1468; (P) 1.1512; (R1) 1.1587; More…..
With 1.1422 minor support intact, further rise is expected in EUR/USD. Rebound from 1.1215 is correcting whole decline from 1.2555, if not reversing the down trend. Further rise should be seen to 1.1621 resistance first. Break will target 38.2% retracement of 1.2555 to 1.1215 at 1.1727 next.
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.
