Daily Pivots: (S1) 1.1735; (P) 1.1767 (R1) 1.1798; More…
Intraday bias in EUR/USD remains mildly on the downside for 1.1669 support. Break there will confirm resumption of the whole corrective fall from 1.2091. In that case, EUR/USD will target 38.2% retracement of 1.0569 to 1.2091 at 1.1510. Strong support is expected there to complete the correction. On the upside, above 1.1879 will turn bias back to the upside for retesting 1.2091 high.
In the bigger picture, rise from medium term bottom at 1.0339 is not finished yet. It’s expected to continue after pull back from 1.2091 completes. And, next target will be 38.2% retracement of 1.6039 (2008 high) to 1.0339 (2017 low) at 1.2516. However, it should be noted that there is no confirmation of trend reversal yet. That is, such rebound from 1.0399 could be a correction. And the long term fall from 1.6039 (2008 high) could resume. Hence, we’d be cautious on strong resistance from 1.2516 to limit upside.
