Daily Pivots: (S1) 1.0836; (P) 1.0861; (R1) 1.0903; More…
EUR/USD edged higher to 1.0891 today but fail to sustain above 1.0885 minor resistance. Intraday bias remains neutral first. Outlook is unchanged that price actions from 1.0635 are seen as a corrective pattern. on the upside, break of 1.0891 minor resistance will start the third leg, towards 1.1147 resistance. But upside should be limited by 61.8% retracement of 1.1496 to 1.0635 at 1.1167. On the downside, break of 1.0727 will target a test on 1.0635 low.
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.
