Daily Pivots: (S1) 1.0951; (P) 1.0991; (R1) 1.1048; More…
EUR/USD’s rally form 1.0774 is still in progress and intraday bias stays on the upside. It’s seen as a rising leg in the consolidation pattern from 1.0635. Next target is 1.1147 resistance. But upside should be limited by 61.8% retracement of 1.1496 to 1.0635 at 1.1167. On the downside, below 1.0991 minor support will turn intraday bias neutral first. Break of 1.0870 will turn bias to the downside for 1.0774 support.
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.
