Daily Pivots: (S1) 1.1264; (P) 1.1314; (R1) 1.1387; More

EUR/USD’s breach of 1.1383 temporary top suggests that rise from 1.0635 is resuming. Intraday bias is back on the upside for 1.1496 resistance next. Decisive break there will carry larger bullish implications. On the downside, break of 1.1241 support will now indicate short term topping, and turn bias to the downside.

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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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