Daily Pivots: (S1) 1.1084; (P) 1.1115; (R1) 1.1159; More…
EUR/USD’s rise from 1.0981 resumed by breaking 1.1116 and hits as high as 1.1144 so far. Intraday bias is back on the upside for 1.1179 resistance first. Current development revives the case that correction from 1.1179 has completed and rise from 1.0879 is ready to resume. Break of 1.1179 will confirm and target 100% projection of 1.0879 to 1.1179 from 1.0981 at 1.1281 next. On the downside, below 1.1070 minor support will dampen the bullish view and turn bias neutral first.
In the bigger picture, rebound from 1.0879 is seen as a corrective move first. In case of another rise, upside should be limited by 38.2% retracement of 1.2555 to 1.0879 at 1.1519. And, down trend from 1.2555 (2018 high) would resume at a later stage. However, sustained break of 1.1519 will dampen this bearish view and bring stronger rise to 61.8% retracement at 1.1915 next.
