Daily Pivots: (S1) 1.0739; (P) 1.0793; (R1) 1.0829; More

EUR/USD recovers mildly in early US session. But intraday bias stays on the downside with 1.0885 minor resistance intact. Current fall from 1.1147 would target a test on 1.0635 low next. On the upside, break of 1.0885 minor resistance could extend the consolidation from 1.0635 with another rise. But upside should be limited by 61.8% retracement of 1.1496 to 1.0635 at 1.1167.

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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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