Daily Pivots: (S1) 1.0879; (P) 1.0923; (R1) 1.0954; More…
EUR/USD’s rebound from 1.0768 extends higher today and intraday bias stays on the upside for 1.1147. Price actions from 1.0635 is seen as a corrective pattern. Upside should be limited by 1.1167. On the downside, break of 1.0892 will turn bias to the downside for 1.0768 support first. However, sustained break of 1.1167 will pave the way to retest 1.1496 high.
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.
