Daily Pivots: (S1) 1.0879; (P) 1.0923; (R1) 1.0954; More…
EUR/USD is staying in recovery from 1.0768 despite diminishing upside momentum. Further rise is mildly in favor to 61.8% retracement of 1.1496 to 1.0635 at 1.1167, as consolidation from 1.0635 extends. On the downside, below 1.0850 minor support will turn bias back to the downside for 1.0768 support.
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.
