Daily Pivots: (S1) 1.1010; (P) 1.1036; (R1) 1.1051; More…
Intraday bias in EUR/USD remains on the downside at this point. Corrective rise from 1.0879 should have completed at 1.1239 already. Further fall should be seen to 1.0981 support. break will confirm this bearish view and target a retest on 1.0879 low. On the upside, above 1.1061 minor resistance will turn intraday bias neutral first. But risk will stay on the downside as long as 1.1172 resistance holds.
In the bigger picture, rebound from 1.0879 is seen as a corrective move at this point. 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.
