Daily Pivots: (S1) 1.1849; (P) 1.1882; (R1) 1.1903; More….
EUR/USD’s rebound from 1.1703 short term bottom is still in progress. Intraday bias stays on the upside for 1.1988 resistance. Firm break there will add to the case that whole correction from 1.2348 has completed. Further rally would then be seen to 1.2242 resistance for confirmation. On the downside, however, break of 1.1821 minor support will turn bias back to the downside for 38.2% retracement of 1.0635 to 1.2348 at 1.1694 again.
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. However, sustained break of 1.1602 will argue that whole rise from 1.10635 has completed. Deeper fall would be seen to 61.8% retracement of 1.0635 to 1.2348 at 1.1289.
