Daily Pivots: (S1) 1.1232; (P) 1.1297; (R1) 1.1399; More…
EUR/USD retreats mildly after hitting 1.1383 but there is no clear sign of topping yet. Intraday bias remains on the upside for 1.1496 key resistance next. Decisive break there will carry larger bullish implications. On the downside, break of 1.1195 minor support will turn intraday bias neutral again and bring consolidations first.
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.
