Daily Pivots: (S1) 1.0951; (P) 1.0991; (R1) 1.1048; More

Intraday bias in EUR/USD remains on the upside for 1.1147 resistance. But overall, upside should be limited by 61.8% retracement of 1.1496 to 1.0635 at 1.1167 to complete the consolidation pattern from 1.0635. On the downside, break of 1.0870 minor support will turn bias to the downside for 1.0774 support first.

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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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