Daily Pivots: (S1) 1.1216; (P) 1.1286; (R1) 1.1359; More…
EUR/USD surges to as high as 1.1496 so far and breaches 1.1456 fibonacci resistance. There is no sign of topping yet. Intraday bias remains on the upside. Sustained break of 1.1456 will pave the way to next fibonacci level at 1.1876. On the downside, below 1.1287 minor support will turn intraday bias neutral first and bring retreat first.
In the bigger picture, a medium term bottom should have formed at 1.0777 after drawing support from 78.6% retracement of 1.0339 (2017 low) to 1.2555 at 1.0813. Sustained break of 38.2% retracement of 1.2555 to 1.0777 at 1.1456 will raise the chance of medium term bullish reversal and target 61.8% retracement at 1.1876. Rejection by 1.1456 will suggests that price actions from 1.0777 are merely a correction. Another fall below 1.0777 low would be seen at a later stage in this case.
