Daily Pivots: (S1) 1.0919; (P) 1.0957; (R1) 1.1022; More…
EUR/USD’s break of 1.1008 minor resistance suggest resumption of rise from 1.0774. Also, corrective pattern from 1.0635 is in another rising leg. Intraday bias is now on the upside for 1.1147 resistance. Though, we’d still expect upside to be limited by 61.8% retracement of 1.1496 to 1.0635 at 1.1167. On the downside, break of 1.0870 minor support will turn bias to the downside for 1.0774 support first.
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.
