Daily Pivots: (S1) 1.1424; (P) 1.1463; (R1) 1.1519; More…..
EUR/USD’s rise from 1.1289 resumed after brief retreat and reaches as high as 1.1508 so far. Intraday bias is back on the upside. Such rise is seen as another rising leg in the correction pattern from 1.1215. Further rally would be see to 1.1569 resistance and above. On the downside, break of 1.1407 minor support will turn bias back to the downside for 1.1289 support instead.
In the bigger picture, as long as 1.1814 resistance holds, down trend down trend from 1.2555 medium term top is still in progress and should target 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. However, break of 1.1814 will confirm completion of such down trend and turn medium term outlook bullish.
