Daily Pivots: (S1) 1.1346; (P) 1.1383; (R1) 1.1407; More…..
A temporary top is in place at 1.1419 in EUR/USD and intraday bias is turned neutral for some consolidations first. As long as 1.1316 support holds, another rise is still in favor. Current rally is seen as another leg in the consolidation pattern from 1.1215. Break of 1.1419 will target 1.1514 resistance and above. On the downside, though, break of 1.1316 minor support will argue that the rebound is completed. Intraday bias will be turned back to the downside for 1.1215 low.
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.
