Daily Pivots: (S1) 1.1127; (P) 1.1151; (R1) 1.1172; More…
Intraday bias in EUR/USD remains neutral for the moment. Consolidation from 1.1199 might extend further, with another fall. But overall, further rally will remain in favor as long as 1.1039 support holds. On the upside, above 1.1199 will turn bias back to the upside for 100% projection of 1.0879 to 1.1179 from 1.0981 at 1.1281 next. However, break of 1.1039 will turn focus back to 1.0981 support instead.
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.
