Daily Pivots: (S1) 1.1031; (P) 1.1047; (R1) 1.1062; More…
Intraday bias in EUR/USD remains mildly on the downside for 1.0922 support. Break there will turn near term outlook bearish for retest of 1.0879 low. On the upside, above 1.1095 will target 1.1172 resistance first. Price actions from 1.0879 are seen as a corrective pattern. We’ll waiting for more signal that it’s completed.
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.
