Daily Pivots: (S1) 1.1380; (P) 1.1441; (R1) 1.1486; More….
EUR/USD retreated sharply after hitting 1.1499. Intraday bias is turned neutral first. On the upside, break of 1.1499 will target 1.1621 resistance and possibly above. But price actions from 1.1300 are viewed as forming a consolidation pattern. Therefore, upside upside is expected to be limited by 1.1814 to bring down trend resumption eventually. On the downside, break of 1.1353 minor support will suggest that rise from 1.1302 has completed. In that case, retest of 1.1300 key support should be seen next.
In the bigger picture, price actions from 1.1300 is seen as a corrective pattern. Decisive break of 1.1300 will resume the down trend from 1.2555 to 61.8% retracement of 1.0339 (2017 low) to 1.2555 at 1.1186 next. Sustained break there will pave the way to retest 1.0339. In case the consolidation from 1.1300 extends, upside should be limited by 1.1814 and 38.2% retracement of 1.2555 to 1.1300 at 1.1779. to bring down trend resumption eventually.
