Daily Pivots: (S1) 1.1057; (P) 1.1075; (R1) 1.1085; More…
Break of 1.1062 support suggests completion of corrective rebound from 1.0879. Intraday bias in EUR/USD is turned back to the downside for retesting 1.0879 low next. On the upside, though, above 1.1092 minor resistance will turn intraday bias neutral first. Further break of 1.1179 will resume the rise to 1.1412 key resistance next.
In the bigger picture, at this point, rebound from 1.0879 is seen as a corrective move first. Hence, upside should be limited by 38.2% retracement of 1.2555 to 1.0879 at 1.1519. And, down trend from down trend from 1.2555 (2018 high) would resume at a later stage. However, sustained break of 1.1519 will dampen this bearish view and bring stronger rise to 61.8% retracement at 1.1915 next.
