Daily Pivots: (S1) 1.0762; (P) 1.0799; (R1) 1.0829; More…
Intraday bias in EUR/USD is turned neutral with 4 hour MACD crossed above signal line. On the upside, break of 1.0902 minor resistance will suggest completion of fall from 1.1147. Correction from 1.0635 should have then started the third leg. Intraday bias will be turned back to the upside for 61.8% retracement of 1.1496 to 1.0635 at 1.1167 again. On the downside, below 1.0768 will target a test on 1.0635 low.
In the bigger picture, as long as 1.1496 resistance holds, whole down trend from 1.2555 (2018 high) should still be in progress. Next target is 1.0339 (2017 low). However, sustained break of 1.1496 will argue that such down trend has completed. Rise from 1.0635 could then be seen as the third leg of the pattern from 1.0339. In this case, outlook will be turned bullish for retesting 1.2555.
