Daily Pivots: (S1) 1.0875; (P) 1.0914; (R1) 1.0943; More…
Intraday bias in EUR/USD remains neutral and outlook is unchanged. On the downside, break of 1.0774 will target a test on 1.0635 low. On the upside, above 1.1008 will stronger rebound to 1.1147 resistance. After all, price actions from 1.0635 are seen as a consolidation pattern. Upside be limited by 61.8% retracement of 1.1496 to 1.0635 at 1.1167.
In the bigger picture, as long as 1.1496 resistance holds, whole down trend from 1.2555 (2018 high) should still be in progress. Next target is 1.0339 (2017 low). However, sustained break of 1.1496 will argue that such down trend has completed. Rise from 1.0635 could then be seen as the third leg of the pattern from 1.0339. In this case, outlook will be turned bullish for retesting 1.2555.
