Daily Pivots: (S1) 1.1300; (P) 1.1338; (R1) 1.1379; More….
EUR/USD’s rebound from 1.1168 resumed by breaching 1.1370 and intraday bias is back on the upside for 1.1422 resistance. Firm break there will resume whole rise from 1.0635 for 1.1496 key resistance. On the downside, though, break of 1.1255 minor support will turn bias back to the downside for 1.1168 support, and possibly further 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.
