Daily Pivots: (S1) 1.1199; (P) 1.1235; (R1) 1.1300; More….
EUR/USD’s strong rebound today argues that corrective pull back from 1.1422 might have completed. Focus is back on 1.1351 minor resistance. Break will turn bias to the upside for 1.1422 and then 1.1496 key resistance. Nevertheless, break of 1.1168 will resume the correction to 38.2% retracement of 1.0635 to 1.1422 at 1.1121.
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.
