Daily Pivots: (S1) 1.1772; (P) 1.1813; (R1) 1.1887; More…..
EUR/USD recovers notably after hitting 1.1737 and intraday bias is turned neutral. Further fall is still in favor as long as 1.1917 resistance holds. On the downside, break of 1.1737 support will reaffirm that case that it’s now in correction to rise from 1.6035. Intraday bias will be turned to the downside for 38.2% retracement of 1.0635 to 1.2011 at 1.1485. However, break of 1.1917 will revive near term bullishness and target 1.2011 instead.
In the bigger picture, rise from 1.0635 is seen as the third leg of the pattern from 1.0339 (2017 low). Further rally rise should be seen to cluster resistance at 1.2555 next, (38.2% retracement of 1.6039 to 1.0339 at 1.2516 ). This will remain the favored case as long as 1.1422 resistance turned support holds.
