Daily Pivots: (S1) 1.0798; (P) 1.0862; (R1) 1.0898; More…
Intraday bias in EUR/USD remains mildly on the downside for 1.0727 support. Break will target 1.0635 low next. On the upside, break of 1.1019 will turn bias to the upside for 1.1147 resistance. After all, corrective pattern from 1.0635 low is still in progress. But in case of rebound, upside should be by 61.8% retracement of 1.1496 to 1.0635 at 1.1167.
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.
