Daily Pivots: (S1) 1.2010; (P) 1.2045 (R1) 1.2094; More….
With 1.1998 minor support intact, intraday bias in EUR/USD remains on the upside for 100% projection of 1.1553 to 1.1960 from 1.1717 at 1.2124, which is above 1.2091 high. Decisive break there will confirm medium term rally resumption and target next key fibonacci level at 1.2494/2516. On the below 1.1998 minor support will turn intraday bias neutral and bring consolidation before staging another upmove.
In the bigger picture, rise from 1.0339 medium term bottom is seen as a corrective move for the moment. Therefore, in case of another rally, we’d be expect 38.2% retracement of 1.6039 (2008 high) to 1.0339 (2017 low) at 1.2516 to limit upside and bring reversal. That is also close to 61.8% projection of 1.0569 to 1.2091 from 1.1553 at 1.2494.
