Daily Pivots: (S1) 1.1366; (P) 1.1428; (R1) 1.1475; More…..
Intraday bias in EUR/USD remains mildly on the downside for 1.1307 support. Current development argues that corrective rise from 1.1215 has completed earlier than expected. Break of 1.1307 will likely resume larger down trend from 1.2555 through 1.1215 low. On the upside, above 1.1489 minor resistance will turn bias back to the upside for 1.1569 instead.
In the bigger picture, as long as 1.1814 resistance holds, down trend down trend from 1.2555 medium term top is still in progress and should target 61.8% retracement of 1.0339 (2017 low) to 1.2555 at 1.1186 next. Sustained break there will pave the way to retest 1.0339. However, break of 1.1814 will confirm completion of such down trend and turn medium term outlook bullish.