Daily Pivots: (S1) 1.1483; (P) 1.1515; (R1) 1.1550; More…..
EUR/USD edges higher to 1.1598 in early US session as rebound from 1.1431 extends. Intraday bias stays mildly on the upside for 55 day EMA (now at 1.1617) and possibly above. But we’d expect upside to be limited by 1.1779/1814 resistance zone to bring down trend resumption eventually. On the downside, below 1.1514 minor support will turn bias back to the downside. Further break of 1.1431 will bring retest of 1.1300 low.
In the bigger picture, corrective pattern from 1.1300 could have completed at 1.1814 after hitting 38.2% retracement of 1.2555 to 1.1300 at 1.1779. Decisive break of 1.1300 will resume the down trend from 1.2555 to 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. On the upside, break of 1.1814 will delay the bearish case and extend the correction from 1.1300 with another rise before completion.