Daily Pivots: (S1) 1.1123; (P) 1.1160; (R1) 1.1204; More…
The strong break of 61.8% retracement of 1.1496 to 1.0635 at 1.1167 suggests that stronger rally is underway. Intraday bias in EUR/USD stays on the upside for retesting 1.1496 high. Firm break there will carry larger bullish implications. On the downside, below 1.1115 minor support will turn intraday bias neutral first.
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.
