Daily Pivots: (S1) 1.1467; (P) 1.1519; (R1) 1.1552; More…..
EUR/USD formed a temporary top at 1.1569 and retreated. Intraday bias is turned neutral first. Further rise is in favor with 1.1422 minor support intact. Price actions from 1.1215 low is correcting whole decline from 1.2555, if not reversing the down trend. On the upside, above 1.1569 will target 1.1621 resistance first. Break will target 38.2% retracement of 1.2555 to 1.1215 at 1.1727 next. On the downside, break of 1.1422 support will bring retest of 1.1214 low 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.