Daily Pivots: (S1) 1.1450; (P) 1.1495; (R1) 1.1567; More…..
EUR/USD’s rally extends to as high as 1.1547 so far. The break of 1.1496 key resistance carries larger bullish implications. Intraday bias stays on the upside for 61.8% projection of 1.0774 to 1.1422 from 1.1168 at 1.1568. Break will target 100% projection at 1.1816 next. On the downside, break of 1.1370 support is needed to indicate short term topping. Otherwise, outlook will remain bullish in case of retreat.
In the bigger picture, sustained trading above 1.1496 key resistance will large that whole down trend from 1.2555 (2018 high) has completed at 1.0635. Rise from 1.0635 would then be seen as the third leg of the pattern from 1.0339. Further medium term rally would be seen to retest 1.2555. This will now be the favored case as long as 1.1168 support holds.
