Daily Pivots: (S1) 1.0987; (P) 1.1065; (R1) 1.1121; More

EUR/USD’s break of 1.0953 minor support suggests that corrective recovery from 1.0635 has completed. Intraday bias is turned back to the downside for retesting this low first. On the upside, however, decisive break of 61.8% retracement of 1.1496 to 1.0635 at 1.1167 will raise the chance of larger trend reversal and turn focus to 1.1496 key resistance.

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In the bigger picture, as long as 1.1496 resistance holds, whole down trend from 1.2555 (2018 high) should still be in progress. Next target is 1.0339 (2017 low). However, sustained break of 1.1496 will argue that such down trend has completed. Rise from 1.0635 could then be seen as the third leg of the pattern from 1.0339. In this case, outlook will be turned bullish for retesting 1.2555.

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