Daily Pivots: (S1) 1.2086; (P) 1.2116; (R1) 1.2157; More…
Intraday bias in EUR/USD remains mildly on the upside at this point. Pull back from 1.2348 should have completed at 1.2052, after touching 1.2058 cluster support (38.2% retracement of 1.1602 to 1.2348 at 1.2063). Further rise would be seen to retest 1.2348 high. However, on the downside, sustained break of 1.2058 will target 61.8% retracement at 1.1887.
In the bigger picture, rise from 1.0635 is seen as the third leg of the pattern from 1.0339 (2017 low). Further rally could 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 1.1602 support holds. We’d be alerted to topping sign around 1.2516/55. But sustained break there will carry long term bullish implications.
