Daily Pivots: (S1) 1.1106; (P) 1.1130; (R1) 1.1157; More…
EUR/USD’s rise extends to as high as 1.1199 so far. Break of 1.1179 resistance suggests resumption of rise from 1.0879. Further rise should be seen to 100% projection of 1.0879 to 1.1179 from 1.0981 at 1.1281 next. On the downside, below 1.1102 minor support will delay the bullish case and turn bias neutral first.
In the bigger picture, rebound from 1.0879 is seen as a corrective move first. In case of another rise, upside should be limited by 38.2% retracement of 1.2555 to 1.0879 at 1.1519. And, 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.
