Daily Pivots: (S1) 1.0985; (P) 1.1005; (R1) 1.1018; More…
EUR/USD recovers ahead of 1.0989 support and intraday bias is turned neutral first. Stronger recovery could be seen but upside should be limited below 1.1097 resistance. Corrective rise from 1.0879 could have completed at 1.1175 already. Break of 1.0989 will resume the fall from 1.1175 to retest 1.0879 low.
In the bigger picture, at this point, rebound from 1.0879 is seen as a corrective move first. in case of another rise, upside should be limited by 38.2% retracement of 1.2555 to 1.0879 at 1.1519. And, down trend from 1.2555 (2018 high) would resume at a later stage. However, sustained break of 1.1519 will dampen this bearish view and bring stronger rise to 61.8% retracement at 1.1915 next.
